Media mogul and IAC chairman Barry Diller is set to run the company following the departure of CEO Joey Levin as part of a reorganization in connection with a spin-off of home services platform Angi.
“Joey Levin has wanted a store of his own for some time and the spin-off of Angi affords him this opportunity. Although IAC will relinquish his services as CEO, we expect that he will continue to advise us for many years. As we approach yet another milestone, IAC does what it does best: evolves. Joey Levin has been an exemplary leader of IAC, creating significant value during his nearly decade-long tenure as IAC CEO,” Diller said in a statement. ” Over the last few years Joey has been deeply and personally invested in the transformation of Angi, and with its full independence can drive the company to expand any which way he, Jeff Kip and Angi’s Board desire.”
Levin, who will become an advisor to IAC upon completion of the spin-off, will serve as executive chairman of Angi, in partnership with its CEO Jeff Kip.
“I consider myself among the luckiest in the world to have spent the past two decades working with and learning from Barry Diller and the many brilliant minds he has always attracted to his orbit,” Levin added. “Together we’ve accomplished remarkable things, and we start 2025 with each of our businesses executing winning growth plans, led by exceptionally talented teams. Each of IAC and Angi has a vigorous future, and I expect to remain an active participant in both. I am energized to partner with Jeff Kip and the leadership team he has organized at Angi to win a large, captivating category that has yet to be tamed.”
Following the transition, IAC chief financial and operating officer Christopher Halpin and chief legal officer Kendall Handler will report directly to Diller. It will not appoint a new CEO.
The tax-free spin-off, which will make IAC and Angi wholly separate entities, will give the former’s shareholders direct ownership of the latter in the form of one share/one vote common stock of Angi, eliminating its dual class structure. Currently, all of Angi’s high vote shares are owned by IAC.
It will also allow IAC management to focus on its broader portfolio and new growth opportunities, with the company expected to benefit from an enhanced ability to use its stock to make acquisitions and incentivize employees.
The transaction’s completion, which is subject to conditions including final approval by IAC’s board of directors and receipt of a tax opinion, is expected to close in the first half of 2025 but no sooner than March 31, 2025.
In addition to Angi, IAC’s portfolio of brands includes DotDash Meredith, People, InStyle, Brides, Entertainment Weekly, Better Homes & Gardens and The Daily Beast.
