IAC says it's exploring a possible distribution of its interests in Match Group and ANGI Homeservices to its shareholders.
In a letter to shareholders that coincided with the company's June quarter earnings release, IAC CEO Joey Levin said the company was considering spinning out the two publicly traded subsidiaries, but that "we don't yet know where that process will lead" and said it may ultimately choose to spin off both, one or neither company.
"This isn't just legalese to preserve IAC's options with an expected outcome in mind – we sincerely haven't yet decided what's best," Levin wrote. "But given the heightened interest in the topic among shareholders, we thought it appropriate to keep you apprised of our thinking before any more formal evaluation process is underway, and since that will commence shortly we decided to include that information in this update.
In a section about ANGI Homeservices, Levin wrote that the business is "big, healthy, growing business that's a clear leader in an enormous category and gaining market share." But the segment is behind where IAC wants it to be because of a "combination of issues around marketing and an increasingly tight supply of service professionals in certain categories."
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