Joseph Levin on M&A strategy
From IAC CEO on M&A opportunities, spinoff from ANGI and AI · · CNBC Television
“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.”
On , Joseph Levin, Executive Chairman of the Board at ANGI INC, spoke about M&A strategy during IAC CEO on M&A opportunities, spinoff from ANGI and AI on CNBC Television.
About Joseph Levin
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.”