Media mogul Barry Diller plans to spin off about 20 percent of the Match group dating site operation from New York's IAC/Interactive.

The segment, which generates two-thirds of IAC profit, is composed of 50 sites such as OurTime, Match, Meetic, Tinder, OkCupid plus The Princeton Review test prep service and DailyBurn exercise site.

The brands sign up more than 7M people per month and translate into nearly 40 languages.

Diller said the spin-off is in tune with his overall management philosophy. "I've long felt that as entities grow into size and maturity, it's healthy to give them separation from a mother church," he said in a statement.

Gregg Blatt will continue as chairman and Sam Yagan as CEO of The Match Group.

Diller upped Joey Levin, who was chief of the search and applications operation, to the IAC helm.

Levin, who worked in Credit Suisse First Boston's technology operation, joined Diller's team in 2003.

Diller is bidding adieu to CFO Jeff Kip, who is returned to Boston to spend time with his family.

He will remain at IAC until his replacement is found.

IAC owns About.com., The Daily Beast, Vimeo, Dictionary.com, CollegeHumor, Ask.com and eCommerce.