InterActiveCorp's board of directors has approved a plan to spin off its Vimeo video content creation and editing software business into an independent public company. The spin-off will take the form of a reclassification of IAC stock, in which the company's shareholders will receive a pro rata share of Vimeo stock. The spin-off is expected to occur in Q2 2021, if approved at a shareholder meeting scheduled for Q1 2021.