San Diego - DivX, a developer of video compression technology and related services, announced on Tuesday that it plans to spin-off its Stage6 video-sharing site into a separate company.

DivX said company co-founder and CEO Jordan Greenhall will step down from his positions in order to lead Stage6, while DivX president Kevin Hell has been named acting chief executive.

San Diego-based DivX said the spin-off is being executed to reduce the drag on its operating expenses from the investment-stage business; the Stage6 separation is expected to be completed later this year.

Greenhall said Stage6 plans to seek additional funding for its video-sharing service, which grew from 4 million unique visitors in April to almost 10 million in June.

Related Links:
http://biz.yahoo.com/bw/070724/20070724005448.html?.v=1

http://www.divx.com

http://stage6.divx.com