Hors d’oeuvre IPO

Ebay has decided to simplify. The company announced on Tuesday that it intends to sell Skype, its internet calling service, in an initial public offering next year. That’s good news for its shareholders. Skype never fitted in with Ebay’s other businesses: the eponymous internet auctions and PayPal online payments. But if Ebay really wants to reward shareholders, it needs to set Paypal free as well. Skype is an attractive asset. Revenues of $551m in 2008 were nearly 50% higher than in the previo...