NEW YORK — EBay Inc. plans to spin off its Internet communications service Skype through an initial public offering.
EBay bought Skype for $2.6 billion in October 2005. It took a major writedown on the business in 2007, essentially acknowledging it had drastically overvalued it.
U.S. & World
The announcement comes a day two founders of Web content recommendation service StumbleUpon said they had bought the company back from eBay, which had purchased it two years ago for $75 million.