IAC which is a digital media holding company has decided to take the next step to spin off the Match Group. They have taken this step with a proposal that outlines how that process is going to be looked like. The Match Group that owns PlentOfFish, Tinder, Hinge, OkCupid and the Match itself of course, has become a publicly traded company already. However, IAC still remains the owner of the majority and with this spinoff, resulting in 2 independent public firms, IAC has said that they should distribute their Match Group shares to the IAC stockholders.
The CEO of IAC named Joey Levin said in a statement that on 11th October 2019, IAC had proposed a very important initial step to separate the Match Group from the IAC and IAC is confident that the proposal had communicated with the special committee of the Match Group and the communication provided a strong footing for the Match Group to start the journey like an independent and a thriving company.
Under this proposal (that IAC still says it needs to be approved completely by their board of directors along with the aforementioned special committee, and the stockholders), the dual class of Match Group stock structure will be eliminated soon through creating a lone class of stock. In August the company said that it had been exploring the spinoffs of the both Math Group as well as the ANGI Homeservices. Today, the CEO of IAC said that since that related to evaluate their ownership stake in the ANGI Homeservices, they did not expect to turn their attention to that question of spinoff until the transaction of Match Group had been completed.