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PostPosted: Tue Oct 08, 2019 4:58 pm 

Joined: Tue Nov 15, 2011 9:48 pm
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The OPW/iDate Weekly News Summary.

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Former Tinder CEO Greg Blatt Is Suing Rosette Pambakian for Defamation

LOS ANGELES TIMES - Oct 3 - In August, Rosette Pambakian, a former VP at Tinder, filed a lawsuit alleging that Greg Blatt, the onetime CEO of Tinder and its parent companies Match Group and IAC, sexually harassed and assaulted her at a company Christmas party in 2016. On Thursday, Blatt filed a defamation suit against her, and against Tinder's co-founder and former CEO Sean Rad, alleging that the sexual battery accusations are part of a smear campaign designed to give Rad and Pambakian leverage in a separate multibillion-dollar legal battle over the value of Tinder stock. A spokeswoman for Match Group said neither the company nor its parent is a party to Blatt's suit.

Open Letter to the Shareholders of Spark Networks

BUSINESS WIRE - Sep 30 - We have closed our largest acquisition (Zoosk) to date which has accelerated our expansion in North America. Shares of Spark have lost more than a third of their value thus far in 2019 and over 50% since the deal closed on July 1, 2019. The losses are largely the result of concentrated share sales by a minority of our shareholder base and not the result of financial or operational under-performance. Since the close of the Zoosk transaction, ~5M Spark shares have traded, representing 20% of our total shares outstanding. Spark Networks is active in the market of serious relationships. Through the acquisitions of Jdate, JSwipe, and Christian Mingle, Attractive World in France, and Zoosk, the company has quadrupled its revenue from €60M in 2015 to €250M on a pro forma basis in 2018. Our strategy: Phase 1: Reach critical scale to unlock profitability potential. Phase 2: Consolidate the serious dating segment and build a profitable core. Phase 3: New Growth Initiatives

Match Group Welcomes a New Board Member

BOSS BETTY - Sep 30 - Match Group is appointing its president, Shar Dubey, to the board of directors. Dubey's new position comes as Sam Yagan, who previously served as both vice chairman and CEO of Match and co-founded OkCupid, resigned his seat. No reason was given for his departure from the board. Prior to her role as president of Match Group, Dubey served as president of Match Group North America, COO of Tinder and chief product officer of Match. Before joining the company, she served as EVP and chief product officer of The Princeton Review. Her appointment makes Match's board 40% women.

Zoosk to Make Major Layoffs and Exit City

SF BUSINESS TIMES - Oct 1 - Zoosk is facing two massive rounds of layoffs this year and next, before its German-based parent company Spark Networks moves the operation out of San Francisco. Spark Networks acquired Zoosk earlier this year in a deal valued at $255M. The company wrote in a letter to shareholders that it plans to slash 66% of its workforce by the end of this year. It will then institute another round of layoffs to cut 80% of the workforce by April, with the company fully exiting San Francisco by the end of June as a cost-cutting move. It is not clear how many employees currently work for Zoosk. However, in 2017, Zoosk had 93 employees.

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The Meet Group Announces Preliminary Financial Results for Q3 2019

THE MEET GROUP - Oct 3 - For the Q3 2019, the company expects: Revenue to be in the range of $52M to $52.3M, an increase from the prior expectations of $50.5M to $51M. Adjusted EBITDA to be in the range of $10.4M to $10.6M, an increase from the prior expectations of $9.3M to $9.5M. Video revenue to be at least $20M, an increase from previous expectations of $19M.

Pomerantz Law Firm Investigates Claims on Behalf of Investors of Match Group

GLOBE NEWSWIRE - Oct 3 - Pomerantz is investigating claims on behalf of investors of Match Group whether Match and its officers and/or directors have engaged in securities fraud or other unlawful business practices. On Sep 25, 2019, the Federal Trade Commission announced that it had sued for, among other things, using artificial "love interest" ads to deceive consumers into buying or upgrading subscriptions, failing to resolve disputed charges, and intentionally making it difficult to cancel subscriptions.

Japan's Local Governments Operate Dating Services

THE ECONOMIST - Oct 3 - Match-making services that promote iju konkatsu, meaning "migration spouse-hunting", are increasingly common in Japan. They are typically operated by local governments. Along with online matching services, municipalities across Japan host parties to help singles mingle. They also organize group tours in rural prefectures, in which half the participants are locals and the other half from cities, to encourage urbanites to marry and move to the countryside. Hundreds of singletons participate in these tours every year.

How OkCupid Changed the Way Society Looks at Dating Millennials Across the World

BUSINESS INSIDER - Oct 2 - Melissa Hobley is the Global CMO of OkCupid. Under Hobley, OkCupid created the iconic DTF ads. The DTF ads were banned in some markets for being provocative. In India, OKCupid launched Find My Kind campaign. The campaign drew insight from its user responses to questions on the app. 92% said that they feel their values vastly differ from their parents, and 72% do not believe they echo their friends' preferences either, clearly establishing them as a generation that values what they want, not what others want for them. The data further revealed that 67% would rather find a meaningful relationship on a dating app than have friends or family arrange a set up. Hobley denied to share OkCupid's revenue numbers but said that they measure their success rate in terms of meaningful connections that are formed on their platform every year.

The OPW/iDate Dating Business Insider is first and the largest weekly news summary in the dating industry. Since 2004.
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