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IAC explores option to spin off Match, ANGI; beats quarterly revenue

Reuters
Updated

(Reuters) - IAC/InterActiveCorp said it was exploring the possibility of spinning off its stake in Tinder-parent Match Group and online homeservices provider ANGI Homeservices as it reported a better-than-expected quarterly revenue on Wednesday.

The digital media company owns an 80.4% economic interest in Match and an 83.3% in ANGI.

"We are beginning a formal process to determine if we should spin those businesses off to shareholders", Chief Financial Officer Glenn Schiffman told Reuters.

IAC, owned by television giant Barry Diller, has a history of building businesses and later splitting them into separate companies.

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In the past, it has distributed shares of four of its businesses - travel services company Expedia, online lending marketplace Lending Tree, ticket-buying platform Ticketmaster and Home Shopping Network - among stockholders to focus on its internet, media and advertising businesses.

Schiffman said in the event of the latest spin off, the company will shift focus to its video hosting platform Vimeo, content website Dotdash, on-demand staffing platform BlueCrew and its desktop applications segment.

REVENUE BEATS ESTIMATES

Strong sales in IAC's dating and homeservices platforms led to a 12% rise in its second-quarter revenue to $1.19 billion, above analysts' estimate of $1.18 billion, according to IBES data from Refinitiv.

Propelled by growth in Tinder users, Match Group forecast its third-quarter sales above estimates, sending its shares up more than 17% in extended trading on Tuesday.

ANGI Homeservices, formed by merging IAC's HomeAdvisor and consumer review platform Angie's List, reported 17% higher revenue of $343.9 million on Wednesday, but missed estimates of $352.9, polled by four analysts from Refinitiv.

Net income attributable to IAC fell to $113.5 million, or $1.19 per share, for the quarter ended June 30, from $218.4 million, or $2.32 per share, a year earlier.

(This story was refiled to correct a typo in paragraph 1)

(Reporting by Ayanti Bera in Bengaluru; Editing by Shinjini Ganguli)