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Photo: Mat Hayward/Getty Images for Billboard

IAC (InterActiveCorp.), an internet media holding company, agreed on Thursday to separate one of its largest subsidiaries, Match Group, which houses several dating apps including Tinder.

Why it matters: IAC's stated goal has long been to build and/or acquire online services and to grow them to the point that they can be spun out independently, providing dual value to shareholders.

  • It's been teasing this strategy with Match Group since October.
  • Match Group’s stock was up around 5% in early-hours trading after the announcement.

Details: In a statement, IAC says that the agreement has been approved by the board of directors of IAC and Match Group, and was “recommended to the Board of Directors of Match Group by a special committee made up of disinterested directors.“

  • The company says that the transaction is expected to be tax-free, and will give IAC shareholders "direct ownership of Match Group."
  • Match Group shareholders will receive one share of stock from the new independent Match Group and $3 per share in consideration, per CNBC. IAC shareholders will receive $3 per share in cash.
  • The transaction is expected to close in the second quarter of 2020.

Bottom line: "We’ve long said IAC is the 'anti-conglomerate' – we’re not empire builders," said Barry Diller, chairman and senior executive of IAC.

  • "We’ve always separated out our businesses as they’ve grown in scale and maturity and soon Match Group, as the seventh spin-off, will join an impressive group of IAC progeny collectively worth $58 billion today."

Go deeper:

Go deeper

Schumer's m(aj)ority checklist

Senate Minority Leader Chuck Schumer. Photo: Tasos Katopodis/Getty Images

Capitalizing on the Georgia runoffs, achieving a 50-50 Senate and launching an impeachment trial are weighty to-dos for getting Joe Biden's administration up and running on Day One.

What to watch: A blend of ceremonies, hearings and legal timelines will come into play on Tuesday and Wednesday so Chuck Schumer can actually claim the Senate majority and propel the new president's agenda.

The dark new reality in Congress

National Guard troops keep watch at security fencing. Photo: Kent Nishimura/Los Angeles Times via Getty Images

This is how bad things are for elected officials and others working in a post-insurrection Congress:

  • Rep. Norma Torres (D-Calif.) said she had a panic attack while grocery shopping back home.
  • Rep. Jim McGovern (D-Mass.) said police may also have to be at his constituent meetings.
  • Rep. Adam Kinzinger (R-Ill.) told a podcaster he brought a gun to his office on Capitol Hill on Jan. 6 because he anticipated trouble with the proceedings that day.
Off the Rails

Episode 3: Descent into madness ... Trump: "Sometimes you need a little crazy"

Photo illustration: Sarah Grillo/Axios. Photos: Tom Williams/CQ-Roll Call, Chip Somodevilla/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. This Axios series takes you inside the collapse of a president.

Episode 3: The conspiracy goes too far. Trump's outside lawyers plot to seize voting machines and spin theories about communists, spies and computer software.

President Trump was sitting in the Oval Office one day in late November when a call came in from lawyer Sidney Powell. "Ugh, Sidney," he told the staff in the room before he picked up. "She's getting a little crazy, isn't she? She's really gotta tone it down. No one believes this stuff. It's just too much."

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