SCHEDULE 13D: Barry Diller Discloses 6.8% Stake in Angi Inc. Following IAC Spin-Off

Barry Diller has filed a Schedule 13D, disclosing his beneficial ownership of 6.8% of Angi Inc.'s Class A common stock following its spin-off from IAC Inc. on March 31, 2025.

Summary

• Barry Diller filed a Schedule 13D to report his beneficial ownership in Angi Inc. Class A common stock.
• The acquisition of shares resulted from the completion of the spin-off of Angi Inc. by IAC Inc. on March 31, 2025.
• Mr. Diller and related entities received 3,357,304 shares of Angi Class A common stock as a special dividend.
• An additional 898 shares of Angi Class A common stock were received by a family foundation.
• Mr. Diller's aggregate beneficial ownership amounts to 3,358,202 shares of Angi Class A common stock.
• This represents 6.8% of the 49,538,076 shares of Angi Class A common stock outstanding as of March 31, 2025.
• Mr. Diller holds sole voting power over 470,781 shares and shared voting power over 898 shares.
• He holds sole dispositive power over 3,357,304 shares and shared dispositive power over 898 shares.
• Mr. Diller is the Chairman and Senior Executive of both IAC and Expedia Group, Inc.

Sentiment

Score: 6

Explanation: The document is a standard regulatory filing (Schedule 13D) following a corporate spin-off, primarily disclosing beneficial ownership. The completion of the spin-off is a positive for corporate clarity, and Barry Diller's continued significant stake (6.8%) in Angi Inc. is a neutral to slightly positive signal, indicating his ongoing interest. There are no negative financial or operational disclosures.

Positives

• The completion of the Angi Inc. spin-off from IAC Inc. provides corporate clarity and allows Angi to operate as an independent entity.
• Barry Diller, a prominent and experienced executive, maintains a significant 6.8% beneficial ownership stake in Angi Inc., indicating continued interest and potential stability for the company.

Negatives

• NA

Risks

• Mr. Diller may, depending on market conditions and other factors, sell or otherwise dispose of all or some of his Angi Class A common stock holdings in the future, which could exert downward pressure on the share price.

Future Outlook

Mr. Diller stated that he may, depending on market conditions and other factors, purchase additional shares of Angi Class A common stock in the open market or in private transactions, or sell or otherwise dispose of all or some of his current holdings. He currently has no other specific plans or proposals that would result in significant corporate actions for Angi Inc.

Management Comments

• "Mr. Diller acquired beneficial ownership of the securities described in this Report on Schedule 13D in connection with the completion of the Spin-Off on March 31, 2025."
• "Depending on market conditions and other factors, Mr. Diller may from time to time: (i) purchase additional shares of Angi Class A common stock in the open market or in private transactions or (ii) sell or otherwise dispose of all or some of the shares of Angi Class A common stock described herein by public or private sale, gift, pledge or otherwise."
• "Subject to the foregoing, Mr. Diller does not have any current plans or proposals that relate to or would result in any of the actions set forth in clauses (a) through (j) of Item 4 of Schedule 13D."

Industry Context

The spin-off of Angi Inc. from IAC Inc. represents a strategic corporate restructuring, a common practice in the internet and technology sectors to unlock shareholder value. This move allows Angi to operate as a standalone entity, potentially enabling a more focused strategy within the home services marketplace industry, while IAC can concentrate on its remaining diversified portfolio. This aligns with broader industry trends of companies streamlining operations and divesting non-core assets.

Comparison to Industry Standards

• NA

Legal Proceedings

• The document states that Mr. Diller has not been convicted of a criminal proceeding (excluding traffic violations or similar misdemeanors) in the last five years.
• The document states that Mr. Diller has not been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction that resulted in a judgment, decree, or final order enjoining future violations of, or prohibiting or mandating activities subject to federal or state securities laws, or finding any violation with respect to such laws, in the last five years.

Related Party Transactions

• Barry Diller and related entities received Angi Class A common stock as a special dividend in connection with the spin-off from IAC Inc., where Mr. Diller serves as Chairman and Senior Executive.
• A family foundation also received shares as part of the spin-off.

Stakeholder Impact

• Shareholders: Existing IAC shareholders received Angi shares, providing them with direct ownership in a newly independent entity. Angi shareholders now have a clearer, focused company. Barry Diller's significant stake may influence investor confidence and perception of the company's stability.
• Management/Employees: The spin-off creates a more focused Angi, potentially impacting strategic direction, operational autonomy, and employee alignment with the new corporate structure.

Next Steps

• Mr. Diller may purchase additional shares of Angi Class A common stock in the open market or private transactions.
• Mr. Diller may sell or otherwise dispose of all or some of his Angi Class A common stock holdings.

Key Dates

Keywords

Angi Inc., IAC Inc., Barry Diller, Schedule 13D, Spin-Off, Beneficial Ownership, Class A Common Stock, Corporate Restructuring, Investment