IAC said Monday it's exploring a spinoff of Angi , an online platform that connects consumers with a marketplace of home improvement service providers in their area, like electricians and landscapers.
The company is considering a spinoff of Angi that would result in its stake being distributed to shareholders, IAC CEO Joey Levin wrote in a letter to shareholders that coincided with the company's third-quarter earnings release.
IAC owns 85% of Angi, which also includes home services marketplaces Handy and HomeAdvisor.
Media platform Dotdash Meredith and MGM Resorts "would comprise the core of IAC" in the event of an Angi spinoff, Levin said.
IAC acquired Angi in 2017, and it's been weighing a spinoff of the business for several years.
Persons:
Joey Levin, Handy, Meredith, Levin, Angi, it's, It's, Barry Diller, I'm
Organizations:
IAC, HomeAdvisor, MGM Resorts, Match, Expedia, Ticketmaster