Match Group Welcomes New Board Members and Collaborates with Elliott Management
Match Group, the company behind popular dating apps like Tinder and Hinge, has announced the appointment of two new board members following a productive dialogue with activist investor Elliott Management. The company has also entered into an information-sharing agreement with Elliott, signaling a collaborative approach to driving growth and value creation.
Fresh Perspectives: Laura Jones and Spencer Rascoff Join the Board
Effective immediately, Laura Jones, Chief Marketing Officer at Instacart, and Spencer Rascoff, co-founder of Zillow, will be joining Match Group’s board of directors. Their unique skills and perspectives are expected to support the company through its next phase of growth, as it navigates the challenges of a changing market and economic uncertainty.
“We are one of the largest investors of Match Group today because we believe in its opportunity for significant value creation as the global leader in online dating. We appreciate the collaboration with management and the Board over the past several months, and we are confident that Laura Jones and Spencer Rascoff are strong additions to the Board.”
Marc Steinberg, partner at Elliott, expressed confidence in the new board members and the potential for value creation at Match Group.
Elliott Management’s Stake and Influence
The announcement comes on the heels of a report by The Wall Street Journal, revealing that Elliott has built a roughly $1 billion stake in Match Group. The activist investor, known for its track record of driving changes in tech companies, has been in discussions with Match Group to explore ways to improve the company’s performance and address the decline in paying users amidst economic uncertainty.
Navigating Challenges and Seizing Opportunities
Match Group, which owns a portfolio of popular dating apps including Tinder, Hinge, Match.com, OkCupid, and Plenty of Fish, has seen a slowdown in growth since the peak of the COVID-19 pandemic. In the fourth quarter of 2023, the company reported a 5% year-over-year decrease in total paid users, with 15.2 million subscribers. The company’s stock has also experienced a significant decline, falling 79% from its 2021 peak.
Despite these challenges, Elliott Management sees significant potential for value creation in Match Group, given its position as a global leader in the online dating industry. The collaboration between Match Group and Elliott Management, along with the appointment of new board members, aims to steer the company towards a path of sustainable growth and success in an evolving market.
5 Comments
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