IDT launches spinoff of Zedge mobile-content unit

|About: IDT Corporation (IDT)|By:, SA News Editor

IDT (IDT +0.7%) says that it's launched a spinoff of its Zedge subsidiary by filing a Form 10 with the SEC.

Majority interest in Zedge, a content distribution platform for personalizing mobile devices that boasts 190M installs, will be spun to IDT stockholders -- tax-free, the company expects.

Stockholders will receive one share of Zedge Class A common stock for every three shares of IDT Class A common, and one share of Zedge Class B common stock for every three shares of IDT Class B common.

The result should be IDT stockholders owning about 83% of Zedge, IDT says. On March 4 there were about 1.6M shares outstanding in IDT Class A, and 21.4M shares of Class B.

Zedge is pursuing the NYSE symbol ZDGE.

IDT shares are flat in after-hours action.

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