Via- CNN Money
IAC/Interactive, the conglomerate run by media mogul Barry Diller, announced Thursday that it plans to take its Match Group dating unit — which also owns Tinder and OKCupid — public.
Shares of IAC (IACI) surged more than 5% in midday trading on the news.
IAC has been a hot performer on Wall Street lately — shares are up nearly 35% this year.
And a lot of the excitement has to do with the dating sites, especially Tinder — the app that allows people to swipe right if they want to like a prospective date and swipe left if you don’t want to go any further.
But Tinder is also controversial. Some think the app is highly sexist and merely promotes a culture of hooking up.
The Match unit had more than 4 million paying subscribers worldwide as of the end of the first quarter. It reported revenue of nearly $900 million in 2014 and an operating profit of more than $240 million.
Match’s current management team, chairman Greg Blatt and CEO Sam Yagan, will remain in those roles once Match is an independent company.
“The dating industry has come a long way since its inception, but the category remains underpenetrated,” Blatt said.
When I finished college the graduation present I got from my parents was an Etrade account with a couple hundred bones in it. Long story short, I invested that money in a couple large, boring, two letter companies and made like two cents off those investments so far. That’s all about to change, though. I mean, I gotta invest in Tinder, right? Put all my eggs in one basket? Scared money don’t make money. You think all those hot shot Wall Street guys made their dough playing it close to the vest and buying up mutual funds and low risk stocks? (Probably) No Way! I wanna make bank, bro. I wanna drive a Range Rover. I wanna get ass. Tinder is about as can’t miss of an investment as Peyton Manning was back in the ’98 draft. Especially when you consider you have gems like this driving that shareholder equity:
Now all that’s left to do is to re-mortgage my parents house and invest my entire net worth into Tinder. I’ll catch you nerds on the flip side. Actually, no I won’t. I’ll be laid back in the Florida Keys sipping champagne on my yacht somewhere. The type of stuff you can only do if you have that long #TinderMoney. See you never.