12.19.13 5:45 PM ET
IAC Creates Match Group
IAC is reorganizing and rationalizing. Greg Blatt, who has been chief executive officer of the company since 2010, will become chairman of the newly created Match Group, which will house the firm’s online dating businesses, Tutor.com, fitness site DailyBurn, and the company’s interest in Skyllzone. (IAC is the parent company of The Daily Beast.) Match.com CEO Sam Yagan will serve as CEO of the newly constituted Match group. Search & Applications is headed by CEO Joey Levin.
The move is part of a rationalization of the many operating units of IAC into three groups: the newly formed Match Group; the search and applications business, which accounts for about 60 percent of IAC’s revenues; and media businesses, which include Vimeo, The Atavist, and The Daily Beast.
“For the last three years Greg has served as CEO of IAC and during this time our stock price has doubled and profits have increased more than 180%,” IAC Chairman Barry Diller said in a statement. “As Chairman of the Match Group, he’ll be integral in exploiting new opportunities and continuing the growth trajectory that he himself has helped pilot.”
“Businesses like Tutor.com, DailyBurn and Skyllzone all require a common set of skills that Match has deployed so effectively,” Blatt, a 10-year veteran of the company, told employees. “Basically, I’m coming into a situation that already has great leaders in place and strong business momentum.”
Recognizing that many of its businesses don’t need central oversight, IAC does not plan to name a new CEO. “Greg and I agree that a less centralized operating structure, pushing talent and decision-making closer to the businesses, is now the best way to achieve our growth objectives,” Diller said.