$46.8B Record U.S. agency revenue in 2015
IAC/InterActiveCorp, the internet holding company controlled by billionaire Barry Diller, has acquired the dating and media assets of This Life Inc.'s HowAboutWe service, which suggests things to do on romantic outings.
IAC, which already runs dating sites such as Match.com and OKCupid within its Match Group business, is seeking to keep its edge in online dating, where it's the market-share leader with about 28%, according to researcher IBISWorld. Earlier this year, Match.com redesigned its mobile application so it imitates the popular swiping feature of Tinder, another dating company that IAC controls.
The deal excludes the Brooklyn-based startup's HowAboutWe for Couples business, said Sam Yagan, CEO of IAC's Match Group. He declined to discuss the transaction further. Jade Clark and Ariana Anthony, spokespeople for HowAboutWe, didn't return requests for comment.
In December, Diller's company said it planned to turn Match Group into a separate business, setting the stage for a potential spinoff. The division, which also includes fitness app DailyBurn and education tool Tutor.com, last year generated sales of $788 million, about a quarter of IAC's revenue.
~ Bloomberg News ~