Bending Spoons to Acquire Vimeo in $1.38 Billion Deal, Taking Platform Private

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Vimeo announced Wednesday it will be acquired by Italian app developer Bending Spoons in a deal worth about $1.38 billion, ending its four-year run as a publicly traded company.

Under the agreement, Vimeo shareholders will receive $7.85 per share in cash, representing a 63% premium to the stock’s previous close. Shares surged more than 60% to $7.74 following the announcement.

Vimeo, spun out of Barry Diller’s IAC, has struggled since its 2021 IPO, losing around 90% of its market value. Despite a surge in popularity during the pandemic, the company has faced mounting competition from YouTube and lower-cost enterprise rivals.

Analysts expect Bending Spoons to implement aggressive cost-cutting and revenue-focused strategies to leverage Vimeo’s technology assets. Analyst Paolo Pescatore noted the deal could mark a turning point, given Bending Spoons’ track record of revitalizing acquired firms.

The Milan-based company, valued at $2.55 billion last year, owns apps such as Evernote and Remini, and acquired WeTransfer in 2023. Vimeo will become its largest acquisition to date. CEO Philip Moyer said the focus will be on expanding self-service tools, OTT streaming via Vimeo Streaming, and enterprise solutions.

Vimeo has already downsized, cutting nearly 10% of its workforce this year after layoffs of 11% in 2023 and 6% in 2022.

Allen & Company LLC advised Vimeo, while J.P. Morgan, Wells Fargo, and BNP Paribas advised Bending Spoons. The transaction is expected to close in Q4 2025, with Bending Spoons seen as a potential U.S. IPO candidate in the near future.

Paramount Names Meta’s Dane Glasgow as Chief Product Officer

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Paramount announced Wednesday that Dane Glasgow, a senior executive from Meta, will join the company as chief product officer. In his new role, Glasgow will shape Paramount’s product strategy and vision, with a focus on digital platforms and AI-driven capabilities.

Glasgow will report directly to Paramount Skydance CEO David Ellison and collaborate closely with Cindy Holland, who leads the company’s direct-to-consumer division.

He brings extensive experience from across the tech industry, having served as VP of Product Management at Meta’s Facebook since 2021, and previously holding executive positions at Microsoft, eBay, and Google.

Paramount Skydance was created after the $8.4 billion merger of Paramount Global and Skydance Media in August, ushering in a wave of new leadership and strategic deals. Since then, the company has:

  • Secured a partnership with Activision Blizzard (owned by Microsoft) to produce a “Call of Duty” film adaptation,

  • Signed a three-year global distribution deal with Legendary Entertainment, beginning with a “Street Fighter” movie,

  • Committed $7.7 billion for the exclusive U.S. broadcast rights to the UFC for the next seven years.

With Glasgow’s appointment, Paramount is signaling its intent to push deeper into digital innovation while leveraging its expanded entertainment portfolio.

U.S. Data Center Construction Hits Record $40 Billion Amid AI Boom

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Construction spending on U.S. data centers hit a record $40 billion at a seasonally adjusted annual rate in June, according to a new report from the Bank of America Institute. The surge reflects the massive capital pouring into AI infrastructure by major technology companies.

By the Numbers

The $40 billion figure represents a 30% jump from last year, following an even steeper 50% surge in 2024, based on U.S. Census Bureau data.

Why It Matters

The explosive growth of generative AI and machine learning has triggered an unprecedented demand for computing power. Tech giants including Microsoft, Alphabet, and Amazon are investing billions to expand their hyperscale data centers, enabling them to run AI workloads at scale. This infrastructure boom has also fueled record sales for Nvidia, whose GPUs power much of the AI ecosystem and now account for the bulk of its revenue.

Key Quotes

“Hyperscalers are a big part of the increased demand for power, but they’re not the whole picture,” Bank of America Institute economists led by Liz Everett Krisberg noted.
They emphasized that much of the projected growth in U.S. electricity demand through 2030 will also come from EV adoption, industrial reshoring, building electrification, and heating systems — highlighting how AI-driven infrastructure is just one force in a broader energy transformation.