noun

1. 1. the divestiture by a corporation of some of its assets or operations, accomplished by distributing to its stockholders shares of a new company formed to assume control over the divested parts
   2. the divestiture of a subsidiary by distributing its shares in this way
   3. the new company or subsidiary so divested
2. a secondary benefit, product, development, etc., as a television series built around a character, situation, etc. in another series