Reported 1 day ago
Italian app developer Bending Spoons has announced its acquisition of the video platform Vimeo for approximately $1.38 billion, taking the company private after four years of being public. Shareholders will receive $7.85 per share, reflecting a 63% premium. Vimeo, which has struggled against competitors like YouTube, plans to implement cost-cutting measures and focus on revenue generation under Bending Spoons, known for revamping acquired firms. The acquisition is set to close in the fourth quarter of this year.
Source: YAHOO