Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Event-Driven

<ul>
<li>Galapagos NV (GLPG), a Belgian biotechnology company, announced on January 8, 2025, its plan to split into two publicly traded entities by mid-2025.</li>
<li>Vivendi (VIV), the French media conglomerate, has recently undergone a significant restructuring by spinning off several of its key divisions into independent entities.</li>
<li>On December 30, 2024, Lions Gate Entertainment (LGFA/LGFB) filed its latest proxy related to the spin-off of Lionsgate Studios (LION). <a href="https://www.bamsec.com/filing/119312524287096?cik=929351" target="_blank" rel="noopener">You can read it here</a>.</li>
</ul>


Galapagos NV (GLPG), a Belgian biotechnology company, announced on January 8, 2025, its plan to split into two publicly traded entities by mid-2025.
Vivendi (VIV), the French media conglomerate, has recently undergone a significant restructuring by spinning off several of its key divisions into independent entities.
On December 30, 2024, Lions Gate Entertainment (LGFA/LGFB) filed its latest proxy related to the spin-off of Lionsgate Studios (LION). You can read it here.


Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

People Incorporated (IAC) / Equity Bottom-Up

<ul><li>IAC continues to transition strategically by streamlining its operations and focusing its portfolio primarily on People Inc. and its stake in MGM Resorts.</li><li>The recent quarter demonstrated an 8% growth in digital revenues at People Inc., marking the tenth consecutive quarter of digital expansion.</li><li>This growth was driven largely by a diversified mix of audiences and revenues, with significant momentum in non-session-based revenues, which increased by 24% year-over-year to represent 41% of digital revenue.</li></ul>

IAC continues to transition strategically by streamlining its operations and focusing its portfolio primarily on People Inc. and its stake in MGM Resorts.The recent quarter demonstrated an 8% growth in digital revenues at People Inc., marking the tenth consecutive quarter of digital expansion.This growth was driven largely by a diversified mix of audiences and revenues, with significant momentum in non-session-based revenues, which increased by 24% year-over-year to represent 41% of digital revenue.

IAC’s Growth Reset—Can Owned Audiences, MGM Exposure & Buybacks Drive Investor Focus?

<ul><li>IAC said on March 2, 2026 that it agreed to sell Care.com to private-equity firm Pacific Avenue Capital Partners for about $320 million, with closing expected in the first half of 2026.</li><li>The announced price point matters because IAC bought Care.com for $500 million in 2020, setting an unmistakable benchmark for what management is willing to accept to “sharpen” focus elsewhere.</li><li>On the most recent earnings call in this conversation, executives framed Care.com as a business that had been working through a soft patch—particularly in Enterprise—yet still produced strong profitability, reporting $19 million of adjusted EBITDA in the fourth quarter at a 22% margin while expecting consumer and total revenue to return to growth by midyear.</li></ul>

IAC said on March 2, 2026 that it agreed to sell Care.com to private-equity firm Pacific Avenue Capital Partners for about $320 million, with closing expected in the first half of 2026.The announced price point matters because IAC bought Care.com for $500 million in 2020, setting an unmistakable benchmark for what management is willing to accept to “sharpen” focus elsewhere.On the most recent earnings call in this conversation, executives framed Care.com as a business that had been working through a soft patch—particularly in Enterprise—yet still produced strong profitability, reporting $19 million of adjusted EBITDA in the fourth quarter at a 22% margin while expecting consumer and total revenue to return to growth by midyear.

IAC Dumps Care.com—Why Private Equity Is Pouncing Now!

<ul><li>InterActiveCorp (IAC) recently provided an update on its fourth-quarter performance for 2025.</li><li>According to the company, IAC had a solid quarter, culminating in robust digital revenue growth driven by its People segment, which registered a 14% increase.</li><li>This positive result defied challenges posed by industry disruptions, particularly from AI influences affecting digital publishing strategies.</li></ul>

InterActiveCorp (IAC) recently provided an update on its fourth-quarter performance for 2025.According to the company, IAC had a solid quarter, culminating in robust digital revenue growth driven by its People segment, which registered a 14% increase.This positive result defied challenges posed by industry disruptions, particularly from AI influences affecting digital publishing strategies.

IAC’s Product Innovation Push: From MyRecipes to PEOPLE, A Direct-to-Consumer Pivot!

<ul><li>InterActiveCorp (IAC) reported its third-quarter financial results for 2025 with several strategic updates and notable performances across its business segments.</li><li>One of the key highlights of the call was IAC's focus on slimming down its operations, focusing primarily on two core components: People Inc. and its investment in MGM Resorts International.</li><li>The company's management is keen on reducing overhead costs, divesting non-core assets, and potentially increasing its ownership stake in MGM due to perceived undervaluation.</li></ul>

InterActiveCorp (IAC) reported its third-quarter financial results for 2025 with several strategic updates and notable performances across its business segments.One of the key highlights of the call was IAC's focus on slimming down its operations, focusing primarily on two core components: People Inc. and its investment in MGM Resorts International.The company's management is keen on reducing overhead costs, divesting non-core assets, and potentially increasing its ownership stake in MGM due to perceived undervaluation.

IAC: What’s Inside The People App Launch And How It Could Diversify The Business!

United States

People Incorporated operates as a digital media and publishing company. The Company provides digital publishing, online content creation, multimedia distribution, and advertising solutions. People serves customers and audiences in the United States.

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People Incorporated (IAC) (PPLI US)

Weekly Update: January 10, 2025

Galapagos NV (GLPG), a Belgian biotechnology company, announced on January 8, 2025, its plan to split into two publicly traded entities by mid-2025.

Richard Howe

IAC’s Growth Reset—Can Owned Audiences, MGM Exposure & Buybacks Drive Investor Focus?

IAC continues to transition strategically by streamlining its operations and focusing its portfolio primarily on People Inc. and its stake in MGM...

Baptista Research

IAC Dumps Care.com—Why Private Equity Is Pouncing Now!

IAC said on March 2, 2026 that it agreed to sell Care.com to private-equity firm Pacific Avenue Capital Partners for about $320 million, with...

Baptista Research

IAC’s Product Innovation Push: From MyRecipes to PEOPLE, A Direct-to-Consumer Pivot!

InterActiveCorp (IAC) recently provided an update on its fourth-quarter performance for 2025. According to the company, IAC had a solid quarter,...

Baptista Research

IAC: What’s Inside The People App Launch And How It Could Diversify The Business!

InterActiveCorp (IAC) reported its third-quarter financial results for 2025 with several strategic updates and notable performances across its...

Baptista Research

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