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 Looks like Barry Diller's IAC/InterActiveCorp (NASDAQ:IACI) is getting hitched. The owner of Match.com asked for People Media's hand in marriage Tuesday, bequeathing an $80 million dowry to the dating site's current owner American Capital Ltd. (NASDAQ:ACAS). People Media operates 27 matchmaking sites that target specific demographics including BlackPeopleMeet.com, LDSPlanet.com, SingleParentMeet.com and SeniorPeopleMeet.com, and it claims 255,000 paying subscribers. For its part, American Capital can really use the exit. The publicly traded private equity firm's stock price has taken a beating over the past 24 months. The company has reported about $4 billion in portfolio depreciation over the past two years. While it will divvy up the $80 million with other undisclosed investors in People Media, the value of this sale alone tops the $79 million of realizations American Capital recorded in the first-quarter, despite depressed M&A activity. (The Deal Pipeline subscribers can read the full story here.) - George White See American Capital press release See Deal Pipeline story on American Capital portfolio (subscription required)
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Online dating has become a quite profitable business in the last decade. However, while the margins have gone up, the tech and results have remained the same. With the consolidation in the top players, it remains to be seen, how match.com will use the bought assets.