Demand Media moved on Monday to spin off its Rightside Group domain business as a separately traded company, according to filing with the U.S. Securities and Exchange Commission. Demand Media, which owns websites eHow, LiveStrong and Cracked and mainly makes money from articles and videos that surface high in search results, previously said it planned to spin out its domain unit in February 2013.Demand Media shareholders will receive shares of Rightside Group, although the filing did not offer specifics of the distribution.In addition, Demand Media plans to ask its stakeholders to approve a reverse stock split during a special meeting, the filing said.The Rightside Group filing puts to an end questions about the timing of the separation, which had been in flux after the abrupt exit of co-founder, Chairman and Chief Executive Officer Richard Rosenblatt in October. The company said a search for a CEO was its top priority.
Demand Media, Inc. (Demand Media), is a diversified Internet media and domain services company. Shares of DMD fell by 1.28% or $-0.07/share to $5.40. In the past year, the shares have traded as low as $4.72 and as high as $9.75. On average, 669529 shares of DMD exchange hands on a given day and today's volume is recorded at 122371.
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