Breakup for online dating app Tinder and parent

June 25, 2015
IAC chairman Barry Diller, pictured on July 10, 2014, said it was time to spinoff the popular online dating app Tinder
IAC chairman Barry Diller, pictured on July 10, 2014, said it was time to spinoff the popular online dating app Tinder

The popular online dating app Tinder is breaking free as part of a spinoff announced Thursday by parent company IAC/InterActive Corp.

IAC said its board approved a plan to spin off its Match unit which includes the online services Match.com, Tinder, Meetic, OkCupid and OurTime, and which operates in some 200 markets worldwide.

IAC chairman Barry Diller, who created the conglomerate which includes a range of Internet firms including About.com, The Daily Beast, Investopedia and ShoeBuy, said the time was right to break up.

"As many know from our actions over the last 20 years, I'm not a believer in simply agglomerating assets in perpetuity," he said in a statement.

"I've long felt that as entities grow into size and maturity it's healthy to give them separation and independence from a mother church."

One of the key elements in the unit is Tinder, one of the popular online dating applications for mobile devices which allows users to view photos of prospective dates and swipe right to approve or left to reject.

Tinder recently launched a premium subscription service.

Diller's group has a history of acquiring and spinning off assets. It has owned brands such as Newsweek, Live Nation, Evite, Urbanspoon and others over the years.

Under the plan announced Thursday, IAC has named Joey Levin, formerly head of its search and applications business, CEO of IAC. Greg Blatt will remain chairman, and Sam Yagan CEO of the Match Group.

"Today's changes highlight both the incredible historical success at the Match Group and the exciting collection of assets within IAC," said Levin.

Blatt said Match Group "is poised for substantial growth in the coming years."

"The dating industry has come a long way since its inception, but the category remains underpenetrated," he said.

"We believe the combination of our more established businesses such as Match, Meetic, and OurTime, and earlier stage businesses such as Tinder and OkCupid, creates an attractive combination of significant cash flow generation, strong margins and meaningful growth potential."

Explore further: Dating app Tinder premium plan aims at under-30 crowd (Update)

Related Stories

Tinder hires EBay executive as CEO

March 24, 2015

Tinder has hired one of EBay's top officials as chief executive after a five-month search to replace embattled founding CEO Sean Rad, the West Hollywood, Calif., startup announced Friday.

Liberty Media gives up stake in Diller's IAC

December 2, 2010

(AP) -- Barry Diller and John Malone, two media moguls whose partnerships over the past 17 years have been rocky at times, are cutting more of their business ties as Malone's Liberty Media sheds its voting stake in Diller's ...

IAC 3Q revenue up, profit down on year-ago boost

October 27, 2010

(AP) -- IAC/InterActiveCorp, the Internet company run by billionaire Barry Diller, saw a big jump in revenue in the latest quarter because of improvements in online advertising and an expansion in the number of people looking ...

Newsweek likely to become digital magazine

July 25, 2012

The company operating the US magazine Newsweek indicated Wednesday the venerable publication is likely to go digital to stem its losses and could undergo other changes by next year.

IAC reports 3Q profit but ad revenue still slips

October 27, 2009

(AP) -- IAC/InterActiveCorp, which runs Match.com, Ask.com and other Web sites, said Tuesday that asset sales helped it profit in the third quarter while advertising revenue continued to slump.

Recommended for you

Semimetals are high conductors

March 18, 2019

Researchers in China and at UC Davis have measured high conductivity in very thin layers of niobium arsenide, a type of material called a Weyl semimetal. The material has about three times the conductivity of copper at room ...

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.