IAC, the parent company of Dotdash Meredith, has spun off its 84% stake in Angi Inc., a home improvement brand.
Angi is now an independent, publicly traded company, the 10th firm to come from IAC, a group that includes Ticketmaster, Expedia, Match Group and
Vimeo.
Joey Levin, the CEO of IAC, will now serve as executive chairman of Angi, working with Angi CEO Jeff
Kip, and will remain an advisor to IAC.
The company says approximately 0.5251 shares of Angi
Class A common stock have been distributed for each share of IAC stock in a tax-free transaction.
"Like many before it,
Angi is off to pursue its own ambitions and likewise, IAC renews our focus on what's next. Opportunity abounds," says Barry Diller, chairman and senior executive of IAC.
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IAC, now simplified, will focus on the growth of Dotdash Meredith and its other existing businesses. It also has a stake in MGM.
The company announced last November that it was mulling such a move. At that time, IAC reported that Angi suffered a 16’% decline in revenue YoY to $295 million. But its
operating income grew by $16 million to $8 million.
"Over the last two and a half years, we have significantly improved our customer experience and driven
increased profitability and cash flow while focusing on the right things to capture the long-term opportunity ahead,” Kip says. “With a healthy balance sheet, we are intensely focused on
our mission of Jobs Done Well and delivering on our strategy to return to revenue growth in 2026."