Angi Announces Joey Levin will guide
Angi's next chapter as Executive Chairman
NEW
YORK and DENVER,
Jan. 13,
2025 /PRNewswire/ -- IAC (NASDAQ: IAC) announced
today its Board of Directors has approved a plan to spin off IAC's
full stake in Angi (NASDAQ: ANGI), a leading platform for home
services, to IAC shareholders. IAC will also reorganize its
leadership: Joey Levin will leave
his role as IAC CEO and become an advisor to the company, with the
transition expected to occur upon the completion of the spin-off.
Angi concurrently announced its appointment of Mr. Levin as
Executive Chairman of Angi. In this role, Mr. Levin will serve as
Angi's senior executive in partnership with Angi CEO Jeff Kip, who will continue to report to Mr.
Levin and the Angi Board of Directors, to shape Angi's next chapter
as IAC's 10th fully independent company.
Following Mr. Levin's transition, IAC does not intend to appoint
a new CEO. IAC Chief Financial Officer & Chief Operating
Officer Christopher Halpin and Chief
Legal Officer Kendall Handler will
report directly to Barry Diller,
Senior Executive and Chairman of IAC.
"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," said Mr. Diller. "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."
"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," said Mr. Levin. "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."
The spin-off transaction, which is expected to be tax free, will
give IAC shareholders direct ownership of Angi, resulting in IAC
and Angi becoming wholly separate entities. IAC expects that the
spin-off will be in the form of one share/one vote common stock of
Angi, eliminating Angi's dual-class structure. Today, all of Angi's
high vote shares are owned by IAC. The spin-off will allow IAC
management to focus on its broader portfolio as well as new growth
opportunities. A simplified IAC is also expected to benefit from an
enhanced ability to use its stock to make acquisitions and
incentivize employees. As a fully independent company, Angi will
benefit from a more attractive equity currency to accelerate
growth, whether through M&A, capital formation or talent
acquisition, undiluted focus on its specific operating and
strategic priorities, and streamlined decision-making. As a result
of the spin-off, each of IAC and Angi is expected to benefit from
the ability to allocate its resources to meet the unique needs of
its respective business and to implement its optimal capital
structure tailored to its strategy and business needs.
The completion of the proposed spin-off transaction is subject
to a number of conditions including final approval by the IAC Board
of Directors and receipt of a tax opinion. The transaction is
expected to close in the first half of 2025 but no sooner than
March 31, 2025.
IAC and Angi also announced that, after the close of market
trading on Tuesday, February 11,
2025, they will post their respective fourth quarter results
at https://ir.iac.com/quarterly-results (IAC) and
ir.angi.com/quarterly-earnings (Angi). On Wednesday, February 12 2025, at 8:30 a.m. ET, IAC and Angi Inc. will host a
conference call to answer questions regarding the companies'
respective fourth quarter results. The live audiocast and replay
will be open to the public through the investor relations section
of the IAC site at https://ir.iac.com/quarterly-results and
the Angi site at ir.angi.com/quarterly-earnings.
IAC and Angi also affirmed prior financial expectations for the
fourth quarter of 2024.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995
This press release may contain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. The use of words such as "anticipates," "estimates,"
"expects," "plans" and "believes," among others, generally identify
forward-looking statements. These forward-looking statements
include, among others, statements relating to: the reorganization
of IAC's leadership, our ability to successfully manage our planned
leadership transitions, the proposed spin-off of IAC's ownership in
Angi Inc. and anticipated benefits, business prospects and
strategy, the future financial performance of IAC and its
businesses, the future financial performance of Angi Inc. as an
independent organization, anticipated trends and prospects in the
industries in which IAC's or Angi's businesses operate and other
similar matters. Actual results could differ materially from those
contained in these forward-looking statements for a variety of
reasons, including, among others: (i) our ability to market our
products and services in a successful and cost-effective manner,
(ii) the display prominence of links to websites offering our
products and services in search results, (iii) changes in our
relationship with (or policies implemented by) Google, (iv) our
ability to compete with generative artificial intelligence
technology and the related disruption to marketing technologies,
(v) the failure or delay of the markets and industries in which our
businesses operate to migrate online and the continued growth and
acceptance of online products and services as effective
alternatives to traditional products and services, (vi) our
continued ability to develop and monetize versions of our products
and services for mobile and other digital devices, (vii) unstable
market and economic conditions (particularly those that adversely
impact advertising spending levels and consumer confidence and
spending behavior), either generally and/or in any of the markets
in which our businesses operate, as well as geopolitical conflicts,
(viii) the ability of IAC's Digital business to successfully expand
the digital reach of its portfolio of publishing brands, (ix) our
continued ability to market, distribute and monetize our products
and services through search engines, digital app stores,
advertising networks and social media platforms, (x) risks related
to IAC's Print business (declining revenue, increased paper and
postage costs, reliance on a single supplier to print its magazines
and potential increases in pension plan obligations), (xi) our
ability to establish and maintain relationships with quality and
trustworthy professionals and caregivers, (xii) the ability of Angi
Inc. to expand its pre-priced offerings, while balancing the
overall mix of service requests and directory services on Angi
platforms, (xiii) the ability of Angi Inc. to continue to generate
leads for professionals given changing requirements applicable to
certain communications with consumers, (xiv) our ability to access,
collect, use and protect the personal data of our users and
subscribers, (xv) our ability to engage directly with users,
subscribers, consumers, professionals and caregivers on a timely
basis, (xvi) the ability of IAC's Chairman and Senior Executive and
certain members of his family to exercise significant influence
over the composition of the IAC board of directors, matters subject
to stockholder approval and IAC's operations, (xvii) risks related
to our liquidity and indebtedness (the impact of our indebtedness
on our ability to operate our business, our ability to generate
sufficient cash to service our indebtedness and interest rate
risk), (xviii) IAC's inability to freely access the cash of Dotdash
Meredith and its subsidiaries, (xix) dilution with respect to
investments in either IAC and Angi Inc., (xx) our ability to
compete, (xxi) our ability to build, maintain and/or enhance our
various brands, (xxii) our ability to protect our systems,
technology and infrastructure from cyberattacks (including
cyberattacks experienced by third parties with whom we do
business), (xxiii) the occurrence of data security breaches and/or
fraud, (xxiv) increased liabilities and costs related
to the processing, storage, use and disclosure of personal and
confidential user information, (xxv) the integrity, quality,
efficiency and scalability of our systems, technology and
infrastructure (and those of third parties with whom we do
business), (xxvi) changes in key personnel and risks related to
leadership transitions and (xxvii) risks related to the proposed
spin-off of IAC's ownership in Angi Inc. Certain of these and other
risks and uncertainties are described in IAC's and Angi's
respective filings with the Securities and Exchange Commission (the
"SEC"), including the most recent Annual Reports on Form 10-K filed
by IAC and Angi with the SEC on February 29,
2024, and subsequent reports that IAC or Angi files with the
SEC. Other unknown or unpredictable factors that could also
adversely affect IAC or Angi's business, financial condition and
results of operations may arise from time to time. It is not
possible for our management to predict all risks, nor can we assess
the impact of all factors on our business or the extent to which
any factor, or combination of factors, may cause actual results to
differ materially from those expressed in any forward-looking
statements we may make. Except as required by law, we undertake no
obligation to update any forward-looking statements to reflect
events or circumstances after the date of such statements. You
should, therefore, not rely on these forward-looking statements as
representing our views as of any date subsequent to the date of
this press release.
About IAC
IAC (NASDAQ: IAC) builds companies. We are guided by curiosity,
a questioning of the status quo, and a desire to invent or acquire
new products and brands. From the single seed that started as IAC
over two decades ago have emerged 11 public companies and
generations of exceptional leaders. We will always evolve, but our
basic principles of financially-disciplined opportunism will never
change. IAC is today comprised of category-leading businesses
including Angi Inc. (NASDAQ: ANGI), Dotdash Meredith and Care.com,
among many others ranging from early stage to established
businesses. IAC is headquartered in New
York City with business locations worldwide.
About Angi Inc.
Angi (NASDAQ: ANGI) helps homeowners get home projects done well
and helps home professionals grow their business. We started in
1995 with a simple goal to help people find skilled home pros in
their area. Now more than 25 years later, we've evolved to help
people with everything from finding, booking and hiring a skilled
pro, to researching costs, finding inspiration and discovering
project possibilities. With an extensive nationwide network of
skilled home pros, Angi has helped more than 150 million people
maintain, repair, renovate and improve their homes and has helped
hundreds of thousands of small local businesses grow.
Contact Us
IAC/Angi Inc. Investor Relations
Mark Schneider
(212) 314-7400
IAC Corporate Communications
Valerie Combs
(212) 314-7251
Angi Inc. Corporate Communications
Emily Do
(303) 963-8352
IAC
555 West 18th Street, New York, NY 10011 (212) 314-7300
http://iac.com
Angi Inc.
3601 Walnut Street, Denver, CO 80205 (303) 963-7200
http://www.angi.com
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SOURCE IAC