Home services marketplace launched in the dotcom era has seen plumbers and roofers cut ad spending
Barry Diller’s IAC is exploring a spin-off of home services marketplace Angi, as the billionaire magnate’s holding company looks to get back to basics with a focus on online media and gaming. IAC said on Monday it was weighing the possibility of spinning off its 85 per cent stake in Angi, a nearly 30-year old brand launched in the dotcom era as Angie’s List to connect customers with plumbers, roofers and other tradespeople.
Angi’s revenue fell 16 per cent to $296mn in the third quarter, it reported on Monday. But industry analysts said Angi, which appointed longtime executive Jeff Kip as chief executive in April, has succeeded in shifting its focus to profitability over growth. Angi reported net income of $35.2mn in the third quarter and earnings before tax and depreciation were up 27 per cent on an adjusted basis over the same period of last year.
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