IAC Interactive own’s half of Match Group?

Hello everyone,

I was recently checking Match’s 10-K and saw that half of the company is held by IAC Interactive ($IAC) . But IAC has market cap of only 1bn USD. Match alone is worth 10bn USD (so IAC owns 5bn) so you’re essentially getting 5bn – 1bn = 4bn of free match stock?

Someone please help my understand this, I’m a beginner. Thank you in advance!