Friday, November 1, 2013
United Online Spins Off FTD
Woodland Hills-based United Online announced this morning that it has successfully spuin off FTD, via a distribution of FTD common stock. The company also said it has completed a one-for-seven reverse stock split of its shares. As part of the move, United Online and FTD will now be separately traded on the NASDAQ, with United Online continuing to trade as UNTD, and FTD now trading on the NASDAQ Global Select Market as FTD. The spinout and split of the company--which has been in the works for over a year--ends a strange mashup of United Online's Internet businesses (Classmates, NetZero, MyPoints, Juno, StayFriends) and floral delivery. United Online entered into the floral delivery market back in 2008.