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Key3Media spinoff from Ziff Davis Inc. to raise $60M

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New York--A filing Friday with the Securities & Exchange Commission provided further detail regarding the spinoff of Key3Media Group Inc., formerly known as ZD Events, from Ziff Davis Inc. Key3Media, which produces Comdex, Networld + Interop and other trade shows, will offer 10 million shares of its common stock for $6 a share, which will raise $60 million. The remaining 53.5 million shares will be distributed to Key3Media employees and Ziff Davis shareholders. When the initial public offering is completed, Softbank Corp. will own about 56% of Key3Media. No date for the IPO was given in the filing. The spinoff of Key3Media Group is part of the restructuring of Ziff Davis into an Internet media company built around tech portal ZDNet.
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