You could call it a rather pricey Valentine’s Day present.
The online dating site Match.com, owned by Internet consumer company IAC, has purchased rival OkCupid for $50 million in cash in a bid to nab younger daters.
“OkCupid has been a real innovator in our space,” said IAC CEO Greg Blatt. “I think it’s clearly the best site in its competitive set.”
Attorneys from Cooley in Palo Alto advised OkCupid with a legal team that included M&A partner Jennifer DiNucci and associate Don Haynes. Attorneys for O’Melveny & Myers in New York advised Match.com.
OKCupid makes money through advertising, while Match.com charges a membership fee.
“This marriage offers us the best of both worlds: the autonomy to continue pursuing OkCupid’s original vision and the ability to leverage Match’s reach and expertise to grow even faster,” said OkCupid’s co-founder and CEO Sam Yagan.
Match.com, the second-largest unit of IAC, where billionaire and former Fox executive Barry Diller is chairman, will also pay OKCupid an unspecified bonus if it meets certain performance milestones.
Some of IAC’s other businesses include The Daily Beast, Dictionary.com, Ask.com, and CitySearch.
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