(Reuters) – IAC/InterActiveCorp IAC.O) reported third-quarter revenue on Wednesday that its borders along with analysts’ estimates, driven by strong growth across all lines of business, including the Tinder-owner of Game Group (MTCH.Oh and ANGI Homeservices.
Game Group, which contributes to nearly half of IAC’s revenue, reported 22% rise in fourth quarter sales, while ANGI Homeservices, formed by the merger of the IAC’s HomeAdvisor, and consumer review platform, Angie’s List, has reported an increase of 18% from a year earlier.
Earlier in October, SONY said that it plans to create a spin-off from her participation in the Contest Group, so that there is a complete separation of the two companies. The proposal came after the initial announcement of the IAC, in August, in which it said that it intended to distribute its share of the Competition group, and ANGI Homeservices to its shareholders.
Speaking to Reuters, Chief executive Officer (ceo), Glenn Schiffman said, is that the company will not turn its attention to the ANGI to the Competition, a spin-off is completed.
The digital media company owns a 80.4% economic interest in the Game and 83.3% in ANGI, according to a regulatory filing in June.
SONY-owned tv giant, Barry Diller has a history of building companies and then later splitting it into separate companies.
Schiffman added that the company is actively looking for targets, with a particular focus on the consumer business on the internet.
The digital media company’s sales increased by 13% to $1.25 billion, above analysts ‘ estimates of $1.24 billion, according to IBES data, Refinitiv.
Net income attributable to IAC shareholders fell to $128.5 million, or $1.35 per share, for the quarter that ended Sept. 30, from $145.8 million, or $1.49 per diluted share, a year earlier.
Report by Ayanti Berra in Bengaluru; Editing by shailesh Kuber