IAC CEO on M&A opportunities, spinoff from ANGI and AI
Joey Levin, IAC CEO, joins 'Closing Bell: Overtime' to discuss IAC earnings, considering a spin-off of its ownership stake in ANGI, ...
Executive Chairman of the Board, Angi
Search every verified Joseph Levin interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Joey Levin, CEO of IAC, discussed the company’s consideration of a spin-off of its 85% stake in Angi, stating that Angi is “in great shape now” and “healthy enough to be on its own” after years of improving customer experience and expanding profit. He noted that IAC is “slimming down” to focus on a few things well. Regarding M&A, Levin said the bar for new acquisitions is “very high” and that the market is “pretty expensive,” leading the company to “try and build cash.” He predicted that 2024 would be a “big year for M&A generally,” citing a loosening regulatory environment. Levin commented on the impact of AI, saying that OpenAI’s ChatGPT is “likely to be positive for traffic” and will “increase audience and profits over time.” He described AI as helpful for organizing data and making it more searchable, citing examples in nursing job matching and customer service. However, he criticized large language models for being “designed to steal the best of the internet” and argued that a framework is needed to reward content creators and ensure journalism survives. On the 2024 election, Levin called the current choices “horrible” and said he hoped for “a new candidate” who would be “inspiring for people.”
“Angie's in great shape now. We've spent the last couple of years really improving the customer experience, expanding profit, I think -- adjusted EBITDA 2.5X or so the last couple of years. Business is now in a position where we think it's healthy enough to be on its own.”
“We're slimming down IAC and trying to focus on doing a few things well. Angie’s in a position where it's capable of standing on its own and having its own currency.”
“The bar for us on new acquisitions is very high, always has been. When we look at the market right now, we've generally seen things at a level where they're willing to transact, pretty expensive for us. When we see that environment, we try and build cash.”
“I expect this will be a big year for M&A generally. Whether for us, I'm not sure, but for M&A generally, it will. Certainly loosening up the regulatory environment is a factor.”
“People have been at a stable place for a while. And I think when that happens, the regulatory environment supports it, I think that's a recipe for real transactions and the kind of transactions that can help drive real efficiency in businesses.”
“One is just using conversational interfaces is I think enormously valuable for our businesses. A business like Angie, about to launch a product where we find out more about the user's job, what they want to get done in their home by using a conversational or offering a conversational user interface.”
“In one of our nursing businesses where nurses are trying to find jobs, they did interact with an AI that's available 24/7, generally more empathetic, generally more knowledgeable and has been a great tool.”
“One of our biggest businesses, Dotdash Meredith, we've been able to take the performance data that we have on our small section of the internet, the content that we own, and been able to map that using, partnering with OpenAI, map that on the rest of the internet to show the performance that we drive on.”
“We look at a lot of things and there's certainly some history with the company, and our chairman, and maybe there's an opportunity. Maybe not. We'll see — we're an opportunistic company and look at things when we think there may be something to do.”
“We're doing a deal with OpenAI — it's certainly something we think about. If we look at what's happening with Google, so far we're holding our traffic and doing well, and I think that ChatGPT is likely to be positive for traffic; I’d say it will increase audience and profits over time, not take it away.”
“One fantastic thing is [AI] helps organize data and make it more searchable — we have examples like Vivian matching nurses with jobs where OpenAI finds patterns we couldn't come up with on our own. The other very tangible use case is customer service: a lot of companies are offering AI to deliver customer service in wa...”
“Definitely — data is a huge, an essential asset for AI, and these companies have an enormous data advantage relative to everyone else. I don't think small companies with small capital can compete on building their fundamental models.”
“I think it's a sad state that this country is in — we're the greatest country in the world with the greatest democracy in history and our choices are horrible right now. What I'm hoping for and what I think would be best would be a new candidate; it would be inspiring for people to have a new vigorous candidate who the...”
“I don't think that any particular company defines IAC or has historically — we have companies in a wide range of things. You mentioned Meredith, a big digital publisher and fantastic business, but that ranges from a large interest in car shares, MGM globally, and Angie, home services — we think category leaders with lo...”
“I think the ad market overall is still in a not-great shape. I think it's stable, but I don't think there's really signs that it's improving.”
Joey Levin, IAC CEO, joins 'Closing Bell: Overtime' to discuss IAC earnings, considering a spin-off of its ownership stake in ANGI, ...
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Joey Levin is the CEO of IAC where he has overseen the constant evolution of the company, including the initial IPO and ...
CNBC's Julia Boorstin talks to Joey Levin, IAC CEO, to discuss his company's earnings.
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IAC CEO Joey Levin on why his company took a 12% stake in MGM, which companies within IAC he is most excited about, lessons learned from working with Barry Diller, and how he approaches capital allocation. Contact us: https://www.boyarvaluegroup.com/conta... The Interview Discusses: Lessons learned from working with media mogul Barry Diller. Why they decided to take a 12% stake in casino giant MGM. Which businesses within the IAC portfolio he is most excited about. How he approaches capital allocation at IAC. Which stage he believes Angi is at in their fixed priced transformation. Why he…
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