Demand Media completes Rightside spinoff, reverse split

|By:, SA News Editor

Demand Media (NYSE:DMD) has finished spinning off its Rightside Group domain name services/Web hosting unit. Rightside now trades on the Nasdaq under the symbol NAME.

Demand shareholders on record as of July 25 have received 1 Rightside share for every 5 Demand shares they own. With the spinoff completed, Demand has carried out a 1-for-5 reverse split.

Rightside accounted for ~$45M of Demand's Q1 revenue (ex-TAC) of $87.4M. The business posted domain services revenue of $38M (+13% Y/Y), and aftermarket services revenue of $7M (-44%).

Demand and Rightside both report on Thursday.