IAC Plans To Pursue IPO Of The Match Group - Quick Facts

(RTTNews) - IAC/InterActiveCorp. (IACI) announced that its Board has approved the pursuit of an initial public offering or IPO of newly-issued shares of common stock of The Match Group.

IAC also stated that Joey Levin, formerly CEO of its Search & Applications business, has been named CEO of IAC and joined its Board of Directors. Greg Blatt will remain Chairman, and Sam Yagan CEO, of The Match Group.

IAC said it expects The Match Group to issue less than 20% of its common stock in the initial public offering, with IAC's remaining stake in The Match Group represented by both high- and low-vote common shares. The IPO is expected to be completed during the fourth quarter of this year.

Further, IAC also announced that its Chief Financial Officer or CFO Jeff Kip is resigning from the company to spend more time with his family in Boston, and to pursue other interests. Kip will remain with IAC for an interim period and will help with transition to a new CFO.