• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Editor's Pick IAC approves spinoff of home improvement marketplace Angi
Editor's Pick

IAC approves spinoff of home improvement marketplace Angi

by January 14, 2025
by January 14, 2025 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

Barry Diller’s IAC said Monday that its board approved the spinoff of Angi, the home improvement marketplace the company acquired in 2017.

IAC said it expects the transaction to close in the second quarter of the year. The two companies will post their respective fourth-quarter results when IAC reports on Feb. 11. Angi was founded in 1995 as Angie’s List, which went public on the Nasdaq in 2011.

As part of the spinoff, IAC CEO Joey Levin will leave his role and become an advisor to the company. Levin will also take on a new role as Angi’s executive chairman, serving as the marketplace’s senior executive alongside CEO Jeff Kip, IAC said.

“Joey Levin has been an exemplary leader of IAC, creating significant value during his nearly decade-long tenure as IAC CEO,” Diller, IAC’s chairman, said in a statement.

Upon Levin’s vacancy, IAC will operate without a new CEO, the company said. IAC’s top execs will report directly to Diller, as will publisher Dotdash Meredith, the company’s largest business. The rest of IAC’s units will report to operating chief Christopher Halpin.

IAC has previously used no-CEO structures when reorganizing its businesses. Most recently, in 2013, then-CEO Greg Blatt stepped down from the role to become chairman of the newly formed Match Group division.

“Each of IAC and Angi has a vigorous future, and I expect to remain an active participant in both,” Levin said in a statement.

As part of the spinoff, IAC shareholders will get direct ownership of Angi, IAC said.

IAC first announced it was considering a spinoff of Angi in November. At the time, the company said Angi’s revenue declined 16% year over year to $296.7 million during the third quarter. The company attributed the slide to reduced sales and marketing spend, which led to a decrease in service requests and lower acquisition of new professionals.

IAC acquired Angie’s List in a deal valued at more than $500 million. It merged the site with HomeAdvisor, creating a new public company. Angi currently has a market cap of about $770 million, and IAC owns 85% of it.

The spinoff has been under consideration for several years, but IAC postponed the effort in 2019 as it completed the Match Group transaction. Match owns dating services including Tinder, Match and Hinge.

IAC has become known for incubating businesses and spinning them off into separate companies. It’s done the same with Expedia, Ticketmaster and LendingTree, among others.

This post appeared first on NBC NEWS
You Might Also Like
  • Golf’s PGA Tour and LIV merger is the latest power play by Saudi Arabia
  • Delta CEO predicts ‘record’ summer travel season as FAA warns of another spike in delays
  • Panera Brands CEO steps down; CFO to fill in as interim chief
  • KORE Collaborates with Google Cloud to Deliver IoT Solutions
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Microsoft CEO Nadella forms new AI group to build and run apps for customers
next post
Stocks UNDER PRESSURE! Which Sector is Leading Now?

You may also like

Mortgage rates are slipping after a rapid rise

November 17, 2023

Southern California Edison acknowledges videos suggest link between equipment and...

February 7, 2025

Swiss regulator offers lifeline to Credit Suisse after its troubles...

March 16, 2023

Autoworkers go on strike at plants at each of the...

September 16, 2023

Job growth totals 236,000 in March, near expectations as hiring...

April 11, 2023

Mass layoffs hit Sports Illustrated staff

January 20, 2024

Tesla reports 336,000 vehicle deliveries in first quarter, 13% drop...

April 2, 2025

Federal Reserve raises interest rates to 16-year high as fight...

May 6, 2023

Boeing strike ends after machinists approve new labor contract with...

November 6, 2024

Some experts have raised the odds of a recession. Here’s...

August 15, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Breakouts, Momentum & Moving Averages: 10 Must-See Stock Charts Right Now

      May 31, 2025
    • Leadership Rotation Could Confirm Corrective Phase

      May 30, 2025
    • Run Your Stock Portfolio Like a Pro Sports Team

      May 30, 2025
    • U.S. foreign tax bill sends jitters across Wall Street

      May 30, 2025
    • Amazon taps Xbox co-founder to lead new team developing ‘breakthrough’ consumer products

      May 30, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,765 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,472 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,451 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,432 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,308 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,106)
    • Investing (538)
    • Stock (2,581)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Breakouts, Momentum & Moving Averages: 10 Must-See Stock Charts Right...

      May 31, 2025
    • Leadership Rotation Could Confirm Corrective Phase

      May 30, 2025
    • Run Your Stock Portfolio Like a Pro Sports Team

      May 30, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,106)
    • Investing (538)
    • Stock (2,581)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    TSA airport screenings hit an all-time...

    June 28, 2024

    Microsoft’s mammoth AI bet will lead...

    October 2, 2024

    Ex-Starbucks manager awarded $25.6 million in...

    June 16, 2023
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here