ZIFF-DAVIS TO SET UP HOLDING COMPANY FOR ZD EVENTS.Ziff-Davis (New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of ) has abandoned its plan to sell ZD Events, the company's last remaining major property, to an existing company and will spinoff Spinoff A new, independent company created through selling or distributing new shares for an existing part of another company. Notes: Spinoffs may be done through a rights offering. the business to a new holding company. After the spin-off The situation that arises when a parent corporation organizes a subsidiary corporation, to which it transfers a portion of its assets in exchange for all of the subsidiary's capital stock, which is subsequently transferred to the parent corporation's shareholders. is completed, Ziff-Davis will cease to exist and its remaining assets, including Computer Shopper Computer Shopper could referr to the following publications:
Ziff-Davis said the new holding company will borrow up to $400 million to retire Ziff-Davis debt and pay a cash dividend to Z-D stockholders. The new company will be separately traded and its equity will be distributed to current Z-D shareholders. Softbank Corp., currently the holder of approximately 70% of Z-D stock, will continue to be the largest stockholder of ZDNet with about 45% of the company's outstanding shares. ZD Events is the last major corporate unit of Ziff-Davis. Previously, Z-D sold its Marketing Intelligence unit for $106 million, its equity interest in ZDTV ZDTV Ziff Davis Television for $205 million, its ZD Education unit for $172 million and Ziff-Davis Publishing for $780 million. |
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