IAC/InterActiveCorp Jumps 14%;  Vimeo Spin-off Approved

(RTTNews) - Shares of media and Internet company IAC/InterActiveCorp (IAC) are rising more than 14% Tuesday morning after the company said its board approved a plan to spin-off its full stake in video software company, Vimeo to IAC shareholders.

Following this, Vimeo will become separately traded public company.

IAC plans to hold a stockholder meeting in the first quarter of 2021 to review and approve a proposal to implement the spin-off which, if approved, is expected to occur in the second quarter of 2021.

The transaction is anticipated to take the form of a reclassification of IAC shares, with the effect of IAC stockholders receiving a proportionate amount of Vimeo stock.

IAC, currently at $184.12, touched a new 52-week high of $187.78 this morning.