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Spike Lee promoting Da Sweet Blood of Jesus at the SoHo Apple Store 2015.
Proposed Vimeo Board Includes Spike Lee
On April 1, IAC (InterActiveCorp) announced the planned members of the Board of Directors for Vimeo. That statement alone needs some explaining.
The website Vimeo is a common term these days in the film industry, especially with independent filmmakers. They host videos similarly to YouTube, but with a little more control and without all the ads.
IAC, on the other hand, may not be known. IAC is a company that buys smaller companies (brands) and then injects money and resources to scale them up and sometimes relaunch on their own as an independent company. They are known for Match, Angi (Angi's List & HomeAdvisor), Ask (formerly Ask Jeeves), Live Nation (formerly Ticketmaster), Expedia, LendingTree, and HSN.
In December 2020, IAC's Board announced their plans to spin-off Vimeo. In doing so, shares in IAC will be reclassified. IAC shareholders are expected to receive a proportionate amount of shares in Vimeo. Vimeo is expected to be sold on its own on NASDAQ.
Back in November 2020, Vimeo garnered $150 million from a round of equity investment. It gained another $300 million in two more rounds of investments in January 2021. This money is expected to increase growth and acquire talent (expansion).
The planned spin-off still requires approvals, but is expected to be completed second quarter 2021.
Now, back to the current announcement of the Vimeo Board of Directors. Many are business and technology professionals, but also on the BoD will be Spike Lee and George C. Wolfe.
Spike Lee is a film Director now going into his 5th decade as well as Producer, Screenwriter, sometimes Actor and he is a professor at NYU.
George C. Wolfe is mostly known for working in the theatre world, but he most recently directed the film Ma Rainey's Black Bottom.
The other members of the Board will be:
Jeoy Levin (current CEO of IAC)
Adam Gross (tech investor)
Alesia Haas (CFO of Coinbase)
Kendall Handler (General Cousel of IAC)
Ida Kane (CFO of Appfolio)
Mo Koyfman (General Partner of Shine Capital)
Nabil Mallick (General Partner at Thrive Capital)
Glenn Schiffman (CFO of IAC)
Anjali Sud (CEO of Vimeo)
Vimeo and IAC are headquartered in New York City.