Official press release from IAC

IAC to Spin Off Angi, CEO Joey Levin to Become Executive Chairman; No New CEO as Barry Diller Takes Reins

Jan 13, 2025, 09:26 PM

IAC, led by Chairman Barry Diller, has announced the approval of a spinoff of its home improvement marketplace, Angi, which the company acquired in 2017. As part of this restructuring, IAC CEO Joey Levin will step down from his position and transition to an advisory role at IAC, while also taking on the role of executive chairman at Angi, working alongside Angi's CEO Jeff Kip. Following Levin's departure, IAC will not appoint a new CEO; instead, its top executives, including CFO and COO Christopher Halpin, will report directly to Diller, as will publisher Dotdash Meredith, IAC's largest business. The spinoff is expected to be completed in the first half of 2025, no sooner than March 31, 2025. IAC shareholders will receive direct ownership of Angi as part of the transaction. The move comes after Angi reported a 16% year-over-year revenue decline to $296.7 million in the third quarter of the previous year, attributed to reduced sales and marketing efforts. Angi, which has a current market cap of about $770 million and is 85% owned by IAC, was formed through the merger of Angie's List and HomeAdvisor. IAC has a history of spinning off companies, including Expedia, Ticketmaster, and LendingTree, and previously used a no-CEO structure during the reorganization of the Match Group.