I mean, I was trying to keep it simple. :) I suppose it all comes down to what you mean by "fully separate entities"... but at the end of the day it was all under IAC. The corporate control and reporting structure went up to the CEO and board of IAC. Hatch Labs was an incubator IAC created specifically for developing things like Tinder. Yes Tinder got reshuffled and eventually it was all spun off but Tinder started under the same roof as Match. It wasn't bought.