Digital media holding company IAC has taken the next step toward spinning off Match Group, with a proposal outlining what that process would look like.

Match Group (which owns Tinder, PlentOfFish, OkCupid, Hinge and of course Match itself) is already a publicly-traded company, but IAC remains the majority owner. With the spinoff, IAC says it should distribute its Match Group shares to IAC stockholders, “resulting in two independent public companies.”

“Today IAC proposed an important first step in the separation of Match Group from IAC,” said IAC CEO Joey Levin in a statement. “IAC is confident that the proposal communicated to the Match Group special committee provides strong footing for Match Group to begin its journey as a thriving, independent company.”

Under the proposal (which IAC

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