IAC approves spinoff of home improvement marketplace Angi

Core Viewpoint - IAC has approved the spinoff of Angi, a home improvement marketplace, expecting the transaction to close in the second quarter of the year, with both companies set to report their fourth-quarter results on February 11 [1][4]. Group 1: Leadership Changes - IAC CEO Joey Levin will transition to an advisory role and become Angi's executive chairman, working alongside CEO Jeff Kip [2]. - Following Levin's departure, IAC will operate without a new CEO, with top executives reporting directly to Chairman Barry Diller [3]. Group 2: Financial Performance - Angi's revenue declined by 16% year-over-year to $296.7 million in the third quarter, attributed to reduced sales and marketing spending [5]. - IAC acquired Angie's List for over $500 million and merged it with HomeAdvisor, resulting in a current market cap of approximately $770 million for Angi, of which IAC owns 85% [6]. Group 3: Historical Context and Strategy - The spinoff of Angi has been under consideration for several years, previously postponed in 2019 during the Match Group transaction [6]. - IAC is recognized for incubating businesses and subsequently spinning them off, having done so with companies like Expedia and Ticketmaster [7].