spin-off

noun | \ ˈspin-ˌȯf, -ˌäf \

1. : a transfer of corporate assets to a subsidiary in return for a distribution to the shareholders of the corporation of all of the stock or controlling stock of the subsidiary without surrender of any stock by the shareholders of the corporation : a D reorganization involving a distribution of the stock of another company to the corporation's shareholders; also : a new company created by such a distribution — compare split-off, split-up : a new company created by such a distribution — compare split-off, split-up