Match.com and Tinder will play the field as Barry Diller's IAC spins off the dating sites

Match.com and Tinder are looking for a Wall Street hookup as their parent group spins off the dating sites as a publicly traded company.

IAC/InteractiveCorp, which is controlled by billionaire Barry Diller, approved a proposal for an initial public offering.

Diller said Thursday that it's "healthy" to give companies "independence from a mother church."

IAC said it expects the Match Group to issue less than 20 percent of its shares in the IPO, so the company will still be majority owned by its parent. The IPO is planned for the fourth quarter of this year.

The Match Group had revenue of $239.2 million in the first quarter.

The New York company also named Joey Levin as CEO. IAC has not had a CEO since 2013.