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Report claims eBay is planning to spinoff of PayPal in near future

eBay is reportedly interested in spinning off PayPal, potentially as early as 2015, due to increased demand from eBay investors (NASDAQ:EBAY)
| Business, Financial & Legal News | Posted: Aug 21, 2014 6:30 pm

Auction site eBay might spinoff the PayPal online payments company as early as 2015, with a search for a new PayPal CEO currently underway. It's unknown if eBay is interested in spinning off the entire PayPal business unit, or just part of the company - and likely won't be known until something is officially announced.

 

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Investor Carl Icahn has long wanted eBay and PayPal to separate, but eBay CEO John Donahoe said PayPal was integral to eBay's overall business success. However, Icahn simmered down his demands in April, saying now isn't quite the time for an eBay-PayPal spinoff, but other investors hope PayPal as an independent business unit could attract new interest.

 

"The eBay board and management team remain focused on maximizing shareholder value," said Amanda Miller, eBay spokeswoman, in a statement to the media. "As we discussed during proxy season and in our second-quarter financial results call, the board will continue to assess all alternatives to create that long term value and to enhance the growth and competitive positions of both eBay and PayPal. This position has not changed."

NEWS SOURCES:Bloomberg.com, Metro.us

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