IAC Announces Plan to Spin Off Angi; Reorganizes Leadership

Leadership and Organizational Changes - Joey Levin will transition from IAC CEO to Executive Chairman of Angi, partnering with Angi CEO Jeff Kip to lead the company's next phase as an independent entity [1][2] - IAC will not appoint a new CEO after Levin's transition, with CFO & COO Christopher Halpin and Chief Legal Officer Kendall Handler reporting directly to Barry Diller, IAC's Senior Executive and Chairman [9] - The leadership reorganization is part of IAC's broader strategy to evolve and focus on its portfolio and new growth opportunities [2] Spin-off Details and Benefits - IAC plans to spin off its full stake in Angi to IAC shareholders, making Angi a fully independent company [1] - The spin-off is expected to be tax-free and will eliminate Angi's dual-class structure, with IAC shareholders receiving one share/one vote common stock of Angi [2] - Angi will benefit from a more attractive equity currency for growth through M&A, capital formation, and talent acquisition, while IAC will focus on its broader portfolio and new opportunities [2] Financial and Strategic Outlook - IAC and Angi reaffirmed prior financial expectations for Q4 2024 [5] - Both companies are expected to benefit from the spin-off by allocating resources to meet their unique business needs and implementing optimal capital structures [2] - Angi aims to expand its pre-priced offerings and balance service requests and directory services on its platforms [3] Industry and Market Context - Angi has helped over 150 million homeowners and hundreds of thousands of small local businesses grow, with a nationwide network of skilled home professionals [4] - IAC's portfolio includes category-leading businesses like Angi, Dotdash Meredith, and Care.com, reflecting its strategy of financially-disciplined opportunism [7] Upcoming Events - IAC and Angi will release their Q4 2024 results on February 11, 2025, followed by a conference call on February 12, 2025, to discuss the results [10]