Bending Spoons Buys Video Platform Vimeo for $1.38 Billion

Bending Spoons has entered a definitive agreement with Vimeo to purchase the video platform for $1.38 billion. From a report: Per the agreement, Bending Spoons will acquire Vimeo in an all-cash transaction and take Vimeo (VMEO), a public company, private. Vimeo shareholders will receive $7.85 per share in cash when the transaction closes.

Vimeo, once a significant player in the streaming video space, has lost massive ground to other platforms, including YouTube, in recent years. Rather than fight a losing battle in the creator space, Vimeo has catered more toward business and enterprise users lately.

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