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Photo by Jaap Arriens/NurPhoto via Getty Images

IAC, the internet holding company chaired by media mogul Barry Diller, announced to shareholders on Tuesday that it plans to spin off video service Vimeo.

Why it matters: It's the second major company that IAC has spun off this year, having done so with dating company Match Group in July. The 15-year-old Vimeo started as a platform for indie filmmakers, and now mostly makes money selling enterprise video software to companies.

Details: The effort comes months after Vimeo raised $150 million from outside investors to boost the software licensing business that it launched in 2018. The enterprise software licensing business that has contributed to much of the company's growth was launched in 2019.

  • The round valued Vimeo at $2.75 billion — 10 times the company's revenue.
  • Vimeo now has over 3,500 enterprise customers, including Amazon, Starbucks. Deloitte, Zendesk, Rite Aid and Siemens, according to a statement about the spin-off.

The big picture: IAC's playbook is to grow companies within its holding group and spin them out for greater value when they mature. There have been reports that IAC also plans to spin out ANGI Homeservices, which houses Angie's List.

What they're saying: "The combination of Vimeo’s remarkable growth, solid leadership position, and enormous market opportunity have made clear its future," said Joey Levin, CEO of IAC. "It’s time for Vimeo to spread its wings and become a great independent public company."

Go deeper:

Go deeper

Dec 23, 2020 - Economy & Business

Communication tech companies are booming

Data: Yahoo Finance; Chart: Axios Visuals

Software firms that help other companies communicate are booming this year thanks to pandemic-driven remote-work.

Why it matters: Even when a vaccine is rolled out and lockdown provisions are lifted, most companies will likely maintain at least some work-from-home flexibility, which will bode well for software firms like Zoom, DocuSign, Twilio, Microsoft, Slack and others.

Arizona Judge: Adding mask mandates ban to budget bill is unconstitutional

Arizona Gov. Doug Ducey (R) Photo: Michael Brochstein/SOPA Images/LightRocket via Getty Images

An Arizona judge ruled Monday that the state's ban on mask mandates in schools, and other measures put into the state budget by Republicans, are unconstitutional, the Arizona Republic reports.

Why it matters: The sweeping ruling voids a ban on vaccine requirements for public universities, community colleges and local governments, and strikes down some non-COVID-related measures like a ban on teaching critical race theory in classrooms and anti-fraud measures for ballots.

Pfizer testing oral pill for prevention of COVID

Photo: Soumyabrata Roy/NurPhoto via Getty Images

Pfizer announced Monday that it is testing an oral antiviral drug that would help prevent COVID-19.

Why it matters: This drug is one of several antiviral pills that could have a massive impact on coronavirus treatment since not everyone will get a vaccine, and it may take years to fully vaccinate people in certain countries, per Axios' Alison Snyder.