InterActiveCorp (IACI) CEO Greg Blatt is stepping down from his current position to become chairman of the Match Group, a new IAC operating unit containing the company's Match (online dating) businesses, as well as Tutor.com and workout program site DailyBurn. (PR)
No replacement CEO will be named. Instead, Blatt and the heads of IAC's Search & Applications (Ask.com, About.com) and Vimeo (online video) businesses will each directly report to chairman Barry Diller. Sam Yagan, CEO of the Match businesses, has been named CEO of the Match Group.
Investors like the shakeup, and may be betting it will pave the way for a spinoff. The Match businesses, which depend more on subscriptions than advertising, had Q3 revenue of $201.1M and op. income of $68.4M, and Search & Applications had Q3 revenue of $407.3M and op. income of $96M.
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