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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.

Updated 2 hours ago - Politics & Policy

Giuliani associate Lev Parnas convicted of campaign finance crimes

Lev Parnas, a former associate of then-President Donald Trump’s personal lawyer Rudy Giuliani. Photo: Stefani Reynolds/Bloomberg via Getty Images

Florida businessman Lev Parnas was convicted Friday on charges of conspiracy to make foreign contributions to political campaigns, according to multiple outlets.

Why it matters: Prosecutors said Parnas, then an associate of former President Donald Trump's personal lawyer Rudy Giuliani, funneled over $150,000 from a Russian businessman into U.S. campaigns as part of an effort to land licenses in the U.S.'s legal cannabis industry.

Supreme Court agrees to hear challenges to Texas abortion law

Photo: Saul Loeb/AFP via Getty Images

The Supreme Court on Friday agreed to hear two cases challenging Texas' abortion law, which bans the procedure as soon as six weeks into pregnancy, but left the law in place in the meantime.

Why it matters: The court is moving extraordinarily fast on the Texas cases, compressing into just a few days a process that normally takes months. And that schedule means the court will take up Texas' ban a month before it hears another major abortion case — a challenge to Mississippi's own 2018 ban on abortions after 15 weeks.