Ziff Davis, Inc. announced that it has completed the previously announced separation of its Consensus business into an independent, publicly traded company. The new company, Consensus Cloud Solutions, Inc., is a leading provider of secure information-delivery services.
Ziff Davis common stock will begin regular-way trading today on the Nasdaq under the ticker symbol “ZD.” Consensus common stock will begin regular-way trading today on the Nasdaq under the ticker symbol “CCSI.”
“We are thrilled to complete the separation of Ziff Davis and Consensus into two leading independent public companies,” said Vivek Shah, CEO of Ziff Davis. “My colleagues and I are excited to continue Ziff Davis’ mission of creating enduring value through vertical market innovation, digital transformation, and exceptional capital allocation. I am grateful to our Board and employees, whose hard work enabled us to reach today’s milestone. I know they join me in wishing the Consensus team great success as a standalone public company.”
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The separation was achieved through a pro rata distribution to Ziff Davis stockholders of 80.1% of the outstanding shares of Consensus. The special dividend distribution gave Ziff Davis stockholders one share of Consensus common stock for every three shares of Ziff Davis common stock outstanding as of the close of business on October 1, 2021, the record date for the distribution. No fractional shares of Consensus were issued and stockholders received cash in lieu of fractional shares.
Citi is acting as exclusive financial advisor and Gibson, Dunn & Crutcher LLP is acting as legal counsel to Ziff Davis.
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