Outside Counsel Solutions advises IDT Corporation on the Spin-Off of CTM Media Holdings Inc
Outside Counsel Solutions advised IDT Corporation on the pro rata tax-free spin-off of the common stock of CTM Media Holdings, Inc. to IDT’s stockholders.
IDT Corporation is a consumer-focused company operating primarily in the telecommunications and energy industries. IDT Corporation’s Class B common stock and common stock trade on the New York Stock Exchange under the ticker symbols IDT and IDT.C, respectively.
CTM Media Holdings is the holding company for: CTM Media Group – a leading distributor of print and online advertising and information in targeted North American tourist markets; Idea and Design Works, LLC – IDW Publishing, a comic and book publisher with a diverse catalog of licensed and independent titles including classic collections; and WMET 1160 AM – a paid programming radio station in the Washington, D.C. metropolitan area. CTM Media Holdings Class A and Class B common stock are quoted on the Pink OTC Markets.
“This was a complex transaction and we appreciate IDT’s confidence in choosing us to take the lead role,” said Dov Schwell. “The OCS team worked seamlessly with the client, tax counsel and auditors to structure the transaction, draft necessary disclosure documents, get through the SEC review process and consummate the Spin-Off.”
Bill Pereira, Chief Financial Officer of IDT Corporation commented: “Outside Counsel Solutions has previously advised IDT Corporation on numerous matters. They always provide a timely and efficient service and this matter was no different.”