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Barry Diller’s IAC/InterActiveCorp has formally spun off The Match Group ahead of a planned IPO for the unit. The new company includes dating sites like Tinder, Match.com and OKCupid.
Joey Levin, formerly CEO of IAC’s search and applications business, was named the new company’s CEO.
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“I’m not a believer in simply agglomerating assets in perpetuity, ” said Diller.
“As many know from our actions over the last 20 years, I’m not a believer in simply agglomerating assets in perpetuity. I’ve long felt that as entities grow into size and maturity it’s healthy to give them separation and independence from a mother church.”
“Over the last two decades, IAC and its progeny have grown into seven separate public companies with a current shareholder value of over $44 billion – given that we started with a base of $275 million, it’s a more than satisfactory record, ” he added.
