IAC and Match Group Apps Complete Full Separation
AC and Match Group announced that they have completed a “full separation.”Previously, Match Group (which owns Tinder, Hinge, OkCupid, PlentyOfFish and Match itself) was a publicly-traded company, with digital holding company IAC as its majority shareholder. IAC and Match Group (NASDAQ: MTCH) today announced the successful completion of the separation of Match Group from the remaining businesses of IAC.
Shares of Match Group at last check were down 2.9% to $102.96, while IAC was up 3.6% to $106.75.
Last year, the companies announced a plan that would see IAC ownership of Match distributed to ITs shareholders — a plan that is complete as of this morning. As a result of the separation, Match Group's dual class voting structure has been eliminated and the interest in Match Group formerly held by IAC is now held directly by IAC's shareholders. Starting today, "new" IAC will trade under the symbol "IAC" and "new" Match Group under the symbol "MTCH."
The separation also involves a leadership change, with Mark Stein and Gregg Winiarski stepping down from the Match Group board. The company has four new board members: ExecOnline CEO Stephen Bailey, the NBA’s executive president for digital media Melissa Brenner, investor and entrepreneur Wendi Murdoch and actor Ryan Reynolds (also an owner of Aviation American Gin and Mint Mobile).
As a result of segregation, the dual-class voting structure of the match group has been abolished. And interest in the Match Group held by IAC is now directly held by the shareholders of IAC.
“Most millennials and Gen Z can’t remember what dating was like before the advent of Tinder, OkCupid and Hinge,” Reynolds said in a statement. “These brands have enormous responsibility and opportunities to affect societies, all while embracing new technologies and remaining at the forefront of pop culture. I’m ready to roll up my sleeves and work with the team on their future growth and success.”
Shar Dubey will continue to serve as CEO of the Match Group, a position he held earlier this year, while Joey Levin remains both CEO of the IAC and Executive Chairman of the Match Group.
“This is just the largest transaction at the core of our strategy throughout these 25 years,” said IAC Chairman Barry Diller in a statement. “Be opportunistic, be balance sheet conservative, build up enterprises and when they deserve independence let them have it. Be a conglomerate and an anti-conglomerate, a business model that has been unique to us.”
