Barry Diller to Take Over IAC Reins As CEO Exits

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Joey Levin, CEO of media company IAC, is set to depart the company.

As a devoted follower, I’m sharing the news that the board of directors at IAC has given the green light to a plan for spinning off their share in the home services platform Angi. This move is designed to distribute this stake among IAC’s shareholders. The esteemed executive, Mr. Levin, will depart from IAC once the spinoff is complete. Interestingly, he will then assume the role of Executive Chairman at Angi, working hand-in-hand with CEO Jeff Kipp as we embark on this new chapter together.

Instead of selecting a new CEO, IAC has chosen to have its CFO, COO, and chief legal officer report directly to Barry Diller, who serves as the company’s chairman.

Joey Levin has long harbored a dream of owning his own store, and the spin-off of Angi presents him with this chance. Although IAC will no longer have Joey as their CEO, we anticipate that he will continue to provide guidance for many years. As IAC moves towards another significant achievement, it demonstrates its knack for adapting – a trait it is well known for. Joey Levin has been an outstanding leader at IAC, generating substantial value throughout his nearly decade-long term as CEO, according to Diller. Over the past few years, Joey has taken a personal interest in Angi’s transformation and, with its newfound autonomy, he can guide the company towards any direction he, Jeff Kip, and Angi’s Board choose.

The spinoff will result in IAC and Angi operating independently as distinct entities. Notably, IAC continues to house Dotdash Meredith, a publishing powerhouse that comprises titles such as People, Brides, Entertainment Weekly, Better Homes & Gardens, and many more, along with the Daily Beast and other brands. Previously, IAC has already separated companies including Expedia, Ticketmaster, and LendingTree through similar spinoffs.

As a fervent supporter, I’m excited to share that this transaction is projected to be finalized in the early part of 2025, though not before March 31, 2025, subject to the approval of the IAC Board of Directors and the acquisition of a tax opinion. Once everything is set, IAC shareholders will directly own Angi.

Levin stated that he feels incredibly fortunate to have spent the last two decades collaborating with and learning from Barry Diller, who consistently surrounds himself with outstanding minds. Together, they’ve achieved remarkable feats, and as we begin 2025, each of our companies are implementing successful growth strategies under exceptional leadership teams. IAC and Angi both have bright futures ahead, and I look forward to continuing my involvement in both. I am excited to work alongside Jeff Kip and the team he has assembled at Angi to conquer a significant, untamed category.

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2025-01-14 00:55