Feb 11 (Reuters) - Internet holding company IAC

forecast its annual adjusted core profit below Wall Street

estimates on Tuesday, overshadowing a fourth-quarter revenue

beat thanks to continued growth at its biggest business.

Core profit for 2025 will be impacted by several

non-recurring expenses, including costs related to the spin-off

of its home services marketplace Angi ( ANGI ) and departure of

CEO Joey Levin following the unit's separation, the company

said.

IAC has "large one-time costs on a forward basis associated

with the separation agreement with Levin," Chief Financial

Officer Christopher Halpin told Reuters in an interview.

"We are booking a six-year $3 million consulting contract

with him (Levin) on a forward basis, all upfront," Halpin said.

IAC expects its adjusted earnings before interest, taxes,

depreciation and amortization to be between $345 million and

$425 million for 2025, compared with analysts' average estimate

of $438.7 million, according to data compiled by LSEG.

Its total revenue of $989.3 million for the fourth quarter

beat the estimate of $934.4 million.

Dotdash Meredith, IAC's biggest business which owns and

operates top brands such as the Food & Wine magazine and

Investopedia, saw its digital revenue grow 10% to $311 million -

marking its fourth consecutive quarter of double-digit growth.

Angi's ( ANGI ) revenue fell 11% to $267.9 million during the

quarter, as it continues to see fewer service requests and lower

acquisition of new professionals.

"Revenue declines (at Angi ( ANGI )) will lessen or sequentially

improve every quarter this year, and we expect to get back to

revenue growth by 2026," Halpin said.

Angi's ( ANGI ) spin-off is expected to close in the first half of

2025.