IDT Spinoff Includes WMET
September 15, 2009 at 5:03 AM (PT)
IDT CORPORATION has spun off its media interests into a new wholly-owned subsidiary, CTM MEDIA HOLDINGS. Brokered Ethnic WMET-A (WORLD RADIO MUNDIAL)/GAITHERSBURG-WASHINGTON is among the assets included in the new entity.
With YESTERDAY's spinoff, each IDT stockholder received one share of CTM Class A common stock for every three shares of IDT common stock, one share of CTM Class B common stock for every three shares of IDT Class B common stock, and one share of CTM Class C common stock for every three shares of IDT Class A common stock. The stock is being traded on the Pink OTC Markets under the symbols CTMM (Class A) and CTMX (Class B).