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IDT's CTM Media spinoff set for Sept. 14

IDT says CTM Media spinoff to stockholders set for Sept. 14

  • On 1:45 pm EDT, Thursday September 10, 2009

NEWARK, N.J. (AP) -- IDT Corp. said Thursday it has set Sept. 14 as the date for spinning off subsidiary CTM Media Holdings Inc.

The telecommunications company plans to distribute shares of the subsidiary, which distributes print and Internet advertising, to IDT stockholders.

They will receive one share of CTM for every three common shares of IDT.

IDT shares rose 6 cents, or 2.4 percent, to $2.57.

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