NYTIMES – Nov 23 – IAC has created more value for shareholders over the last two decades than Disney or Microsoft. Mr. Diller's business model: Buy digital businesses, fold them into a conglomerate and then spin out the most successful ones. He started the experiment of breaking up IAC in 2008. There's Expedia, TripAdvisor (a spinoff of Expedia), Ticketmaster, LendingTree, Interval Leisure Group, HSN and now Match Group. If you invested $1K in IAC in Aug 1995 when Mr. Diller began the business, you'd have ~$16K today. If you invested $1K in a fund that tracked the Nasdaq index, you'd have ~$4,8K today. Skeptics say that all of these spinoffs are nothing more than financial prestidigitation. These companies, said Mr. Diller, "are under the scrutiny of a set of shareholders only wanting to own that business. I think that's very healthy."
Category: Match Group
Q&A With Sam Yagan
SUNTIMES – Nov 21 - Sam Yagan is the CEO of Match Group. The 38-year-old start-up ace, the son of Syrian immigrants, spoke openly about the crisis involving his parents' homeland. Born in Chicago, raised in Bourbonnais, the married father of three attended the Illinois Math & Science Academy, Harvard and Stanford Graduate School.
Q: Talk about your family’s history.
A: My parents were born in Syria and immigrated to the US. My dad came to pursue his education in the late '60s. He later went back home, got married, brought my mom in '75.
Q: What was your trajectory into tech start-ups?
A: I founded SparkNotes in 1999 with my two best friends from Harvard. Then, I started eDonkey, a media technology company, in 2002. I went to Stanford, then founded OkCupid in 2003. I co-founded Techstars Chicago. Each year, we take 10 start-ups, mentor them, help them grow. Now in our sixth year, our companies have raised ~$100M. In 2011, we sold OkCupid to Match Group.
Q: Your family is clearly an example of a successful immigrant story. What are your thoughts about calls for the U.S. to shut its borders to Syrian war refugees after the attacks in Paris?
A: I'm disappointed. We are a nation of immigrants.
Q: The civil war has gone on for more than four years in Syria. Have you had family affected?
A: I have cousins and other family members who have been displaced by the war. Thankfully, no one has been killed or injured. My parents are still thinking they're going to go back. My dream is just for peace.
Match Group Higher Following IPO
SEEKING ALPHA – Nov 19 – After pricing its 33.3M share IPO at $12, Match Group opened at $13.50 and is now at $13.10, up 9.2%.
by Eric Jhonsa
See full article at Seeking Alpha
This post also appears on InternetDatingInvestments.
Match Prices Its IPO AT $12 Per Share
TECH CRUNCH – Nov 19 – Match has priced its IPO at $12 per share, raising $400M. The company will begin trading on the Nasdaq today under the ticker symbol 'MTCH.'
by Alex Wilhelm, Katie Roof & Matthew Lynley
See full article at Tech Crunch
This post also appears on InternetDatingInvestments.
Somewhat Disastrous Interview With Tinder’s CEO
STANDARD.CO.UK – Nov 18 – On Friday, Tinder's parent company, The Match Group, is due to float on the New York stock exchange. Analysts believe the app, which launched in 2012, has ~80M users worldwide and records 1.8B "swipes" a day. It is reported that Rad owns ~10% of the company. He admits he's "addicted" to Tinder – "every other week I fall in love with a new girl" – but right now is single. He is not interested in beautiful women though. "I need an intellectual challenge," he says. Tinder is launching an education and workplace add-on that will helps users identify their intellectual equals. Rad is still upset about Vanity Fair article, accusing Tinder of heralding the "dawn of the dating apocalypse". "Our research shows 80% of users are looking for a long-term meaningful relationship," he said.
4 Reasons To Swipe Left On Match Group’s IPO
FORBES – Nov 11 – 33.3M shares of Match Group are going on sale for $12 – $14 a piece. IAC wants to use the cash to lower its debt while leaving IPO investors with little economic control of Match and no voting control.
4 reasons to swipe left on this IPO.
- Shareholder unfriendly structure
This IPO gives the public shares with very little voting power. It is a common stock with 1.6% voting power. - Proceeds go to repay parent debt
After acquiring POF, Match will have $1.3B in long-term debt. - Disappointing valuation
Match’s valuation is way below what analysts expected. - Weak underwriters
The names of the lead underwriters on an IPO send a signal to investors about its quality. Topping the list are Goldman Sachs and Morgan Stanley.
Who’s The Highest Paid Internet Dating Executive?
OPW – Nov 10 – Answer: Greg Blatt, the Chairman of Match Group. His salary was $500k in 2014, down from a cool million a year in 2013, and 2012. His total remuneration with stock awards for 2012, 2013 and 2014 totals $25 million.
A contender for the #2 spot is Sam Yagan, the CEO of Match Group. His salary is $500k but his total remuneration for 2012, 2013 and 2014 totals $12.77 million.
What do you think? Who else is at the top of the earnings tables?
Post by Mark Brooks @
Bloomberg Interview With CEO Of Hinge
BLOOMBERG BUSINESS – Nov 10 – Justin McLeod, Hinge‘s CEO, and Bloomberg Intelligence’s Paul Sweeney discuss Match‘s IPO filing and the recent trends in online dating.
See full article at Bloomberg Business
Barry Diller Values Online Dating Empire At $3.1B
NYPOST – Nov 9 – IAC will sell a 14% stake in Match Group to the public in an IPO later this year. The 33.3M shares will be priced between $12 and $14. At the midpoint, Match Group will raise $433M. Proceeds will go to repay debt owed to IAC.
Match Aims To Raise $433M In IPO
FT.COM – Nov 9 – Match Group is aiming to raise as much as $433M in its IPO. The company was looking to sell 33.3M shares at a range of $12 to $14 each.
by Shannon Bond & Nicole Bullock
See full article at Financial Times