Infospace Returns $300 Million To Shareholders; More To Follow

How many times would you ever envision this scenario for Internet companies? Infospace, which is in the process of reorganizing itself an an online search-only business, said its board approved a special cash distribution of $9 a share, following the sale of its online directory business. The total money paid out will be $300 million…this follows the completion of the sale of its online directory business to Idearc for $225 million in cash. Also, coming later, after the closure of the sale of its mobile services business to Motricity for $135 million, the company will return a significant portion of those net proceeds to shareholders. More in release.

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