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Prodigy mulls spinoffs

Published on .

Prodigy Services Co., White Plains, N.Y., is considering spinning off divisions of the company. A team of executives at the online and Internet service company are currently working on a management-led buyout. Rumors circulated this week that the company could be bought from 50-50 corporate parents IBM Corp. and Sears, Roebuck, & Co. for as little as $100 million.

One division under consideration to spin off is its classified ad unit. "We are looking to make that happen in the next 35 to 40 days," said Tony Witek, product manager for Prodigy's nine-person classified advertising division.

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