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Angi Stock Rises as IAC to Spin Off Home Services Provider
Key Takeaways
Media and internet conglomerate IAC ( IAC ) announced that it planned to spin off its full stake in home services site Angi ( ANGI ) to its shareholders and said it would shake up IAC's executive leadership.
IAC noted that spinning off Angi "will allow IAC management to focus on its broader portfolio as well as new growth opportunities," and boost its "ability to use its stock to make acquisitions and incentivize employees." The transaction is expected to occur in the first half of 2025, but not before March 31.
In addition, IAC said its own CEO , Joey Levin, will step down and become an advisor to the media company. Concurrently, Angi has chosen Levin to be its Executive Chair, and he will work as a senior executive in partnership with Angi CEO Jeff Kip.
The news sent shares of IAC lower by about 3.5%, while Angi shares rose about 3%.
IAC Will Not Replace CEO Levin
IAC explained that it would not be replacing Levin, but instead CFO and COO Christopher Halpin and Chief Legal Officer Kendall Handler will report directly to Chairman Barry Diller.
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