Key Takeaways IAC said it will spin off its ownership in home services provider Angi to its shareholders, and CEO Joey Levin will step down and become Executive Chair of Angi.The media giant explained the decision will help it focus on its broader portfolio and provide new growth opportunities.

The media and internet holding company on Monday said that Levin, who had served as the CEO of IAC since 2015, will become an adviser to the company and be appointed executive cha

IAC acquired Angie’s List in 2017 in a deal valued at more than $500 million. It merged the site with HomeAdvisor, creating a new public company.