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IAC/InterActiveCorp

#2928

Rank

$4.55B

Marketcap

US United States

Country

IAC/InterActiveCorp
Leadership team

Mr. Barry Diller (Chairman & Sr. Exec.)

Mr. Joseph M. Levin (CEO & Director)

Ms. Kendall Handler (Exec. VP, Chief Legal Officer & Sec.)

Products/ Services
Digital Media, E-Commerce, Internet
Number of Employees
1,000 - 20,000
Headquarters
New York, New York, United States
Established
1995
Company Registration
SEC CIK number: 0001800227
Revenue
Above - 1B
Traded as
IAC
Social Media
Overview
Location
Summary
IAC/InterActiveCorp operates as a media and internet company worldwide. The company publishes original and engaging digital content in the form of articles, illustrations, and videos and images across entertainment, food, home, beauty, travel, health, family, luxury, and fashion areas; and magazines related to women and lifestyle. It also operates a digital marketplace that connects home service professionals with consumers for repairing, remodeling, cleaning, landscaping, maintenance, and enhancement services under the Angi Ads, Angi Leads, and Angi Services brands. In addition, the company operates websites that offer general search services and information, including Ask.com, a search site with a variety of fresh and contemporary content; Reference.com that offers content across select vertical categories; Consumersearch.com, which offers content designed to simplify the product research process; and Shopping.net, a vertical shopping search site that contains a mix of search services and/or content targeted to various user or segment demographics, as well as offers direct-to-consumer downloadable desktop applications. Further, it offers Care.com, an online destination for families to connect with caregivers for their children, aging parents, pets, and homes; develops and provides subscription mobile applications across the communication, language, weather, business, health, and lifestyle verticals; a technology driven staffing platform for flexible W-2 work under the Bluecrew name; a platform to connect healthcare professionals with job opportunities under the Vivian Health name; The Daily Beast, a website dedicated to news, commentary, culture, and entertainment that publishes original reporting and opinion; and production and producer services for feature films for sale and distribution through theatrical releases and video-on-demand services. The company was formerly known as IAC HOLDINGS, INC. IAC/InterActiveCorp is headquartered in New York, New York.
History

1980s and 1990s

IAC was established in 1986 as Silver King Broadcasting Company, as part of a plan to increase viewership of the Home Shopping Network by purchasing local television stations. By 1988, Silver King had bought 11 stations for about $220 million. The company was later renamed as HSN Communications, Inc., and then Silver King Communications, Inc. In 1992, Silver King was spun off to HSN shareholders as a separately traded public company. In August 1995, Barry Diller acquired control of Silver King, in a deal backed by the company's largest shareholder, Liberty Media. Diller, who had led the creation of the Fox network, reportedly hoped to use Silver King's stations as the foundation for a new broadcast network.The company acquired several assets in the late 1990s. In December 1996, Silver King acquired an 80% stake in HSN for $1.3 billion in stock, and changed its own name to HSN, Inc. At the same time, the company acquired Savoy Pictures, a failed film studio that owned four Fox affiliate stations through SF Broadcasting, for $210 million in stock.HSN purchased a controlling stake in Ticketmaster Group in July 1997, and then acquired the rest of the company in June 1998. In February 1998, it acquired the television assets of Universal Studios for $4.1 billion. The company's name was changed to USA Networks, Inc. at this point. Continuing its acquisition strategy, the company acquired the Hotel Reservations Network in May 1999 for $149 million.USA Networks merged the online division of Ticketmaster with city guide website CitySearch in September 1998, establishing a new company that went public as Ticketmaster Online–CitySearch . USA then sold Ticketmaster proper to TMCS in 2001, retaining a 61 percent share in the combined company, which became known as simply Ticketmaster. USA brought Ticketmaster back under full ownership in 2003, purchasing all outstanding shares.

2000s

In the early 2000s, USA Networks began divesting itself of its traditional television broadcasting and production units. In May 2001, Univision Communications acquired USA Broadcasting . The next year, Vivendi bought the rest of USA's broadcast entertainment businesses, including the USA Network and Sci-Fi Channel. This led to the creation of a new company named Vivendi Universal Entertainment, led by Diller. Throughout this transition, USA Networks continued to build up its online portfolio. In July 2001, the company entered the online travel business with its acquisition of Expedia, followed the next year by an acquisition of Interval International.Following the shift in focus to online assets, the company changed its name to USA Interactive in May 2002; InterActiveCorp in June 2003; and finally to IAC/InterActiveCorp in July 2004.In August 2003, IAC acquired the online mortgage comparison site LendingTree, and in September, the company added discount travel website Hotwire.com to its growing list of acquisitions. In October, IAC agreed to buy French travel site Anyway.com from Transat A.T. for $62.7 million.In 2004 and 2005, IAC continued its growth through acquisition, adding assets including TripAdvisor, ServiceMagic, and Ask Jeeves. It also launched Gifts.com during this period. In August 2005, the company bundled together its travel-related sites and spun them off as a new public company, Expedia, Inc. Additional acquisitions in 2006 included Shoebuy.com, which the company later sold to Jet, and Connected Ventures including CollegeHumor and Vimeo.In May 2008, IAC and Ask.com acquired Lexico, the owner of Dictionary.com, Thesaurus.com, and Reference.com. In August 2008, IAC spun off several of its businesses, including: Tree.com , the Home Shopping Network, Ticketmaster, and Interval International.In 2009, IAC acquired Urbanspoon and People Media, and launched the production company Notional. IAC would later sell Urbanspoon to Zomato in 2015.

2010s

IAC's largest shareholder, Liberty Media, exited the company in 2010, following a protracted dispute over the 2008 spinoffs. Liberty traded its IAC stock for $220 million in cash, plus ownership of Evite and Gifts.com. On the same day, Diller stepped down as CEO, though he remained as chairman and Match.com CEO Greg Blatt was appointed to succeed him. That same year, IAC acquired dating site Singlesnet and fitness site DailyBurn.In January 2013, IAC acquired online tutoring firm Tutor.com. On August 3, 2013, IAC sold Newsweek to the International Business Times on undisclosed terms. On December 22, 2013, IAC fired their Director of Corporate Communications, Justine Sacco after an AIDS joke she posted to Twitter went viral, being re-tweeted and scorned around the world. The incident became a byword for the need for people to be cautious about what they post on social media.In 2014, IAC acquired ASKfm for an undisclosed sum.November 2015, IAC and Match Group announced the closing of Match Group's previously announced initial public offering.In May 2017, HomeAdvisor combined with Angie's List, forming the new publicly traded company ANGI Homeservices Inc. The company made its stock market debut in October 2017. In October 2018, the ANGI made its first acquisition of on-demand platform Handy.In July 2019, IAC made its largest investment ever in the world's largest peer-to-peer car sharing marketplace, Turo. Later that year, IAC acquired Care.com. In December 2019, IAC and Match Group entered into an agreement providing for the full separation of Match Group from the remaining businesses of IAC.

2020s

In January 2020, IAC withdrew its financial backing for CollegeHumor and its sister websites and sold the websites to Chief Creative Officer Sam Reich. As a result of the restructuring, more than 100 employees of CollegeHumor were laid off. In February, IAC completed its $500 million acquisition of Care.com.In July 2020, IAC and Match Group announced the successful completion of the separation of Match Group from the remaining businesses of IAC. As a result of the separation, Match Group's dual class voting structure was eliminated and the interest in Match Group formerly held by IAC is now held directly by IAC's shareholders. As of the separation, "new" IAC trades under the symbol "IAC" and "new" Match Group under the symbol "MTCH."In August 2020, IAC announced it had invested a 12% stake in MGM Resorts International.

In May 2021, IAC completed the spin-off of Vimeo, the 11th company to be spun-off from IAC. Vimeo trades on Nasdaq under the symbol "VMEO".

In October 2021, IAC announced the acquisition of Meredith Corporation's National Media Group for $2.7 billion. The deal closed December 1, 2021, and the acquired Meredith assets merged with IAC subsidiary Dotdash, forming a new entity called Dotdash Meredith.In August 2022, IAC officially changed its legal entity to reflect what it's actually called: IAC Inc. In October, IAC agreed to sell its workforce-as-a-service platform Bluecrew to EmployBridge with IAC remaining a minority shareholder in Bluecrew's business.

Mission
IAC endeavors to create opportunities for consumers to benefit from the services and products delivered through strong technology, products and services that improve the lives of our customers.
Vision
IAC envisions a connected and ever-evolving world where technology and innovation empower people, enabling them to explore possible outcomes and manifest their goals.
Key Team

Mr. Glenn Howard Schiffman (Exec. VP & CFO of Fanatics)

Mr. Mark J. Stein (Chief Strategy Officer & Exec. VP)

Ms. Valerie Combs (Sr. VP & Head of Communications)

Mr. Christopher P. Halpin (Exec. VP & CFO)

Ms. Joanne Hawkins (Sr. VP & Deputy Gen. Counsel)

Ms. Kathleen Barrett (Chief Exec. Officer of Mosaic Group)

Mr. Mark Schneider (Sr. VP of Fin. & Investor Relations)

Recognition and Awards
IAC has won various awards, such as the 2019 Apple Global Innovators Winner and 2018 Webby Award for Interactive Advertising & Media winner. Additionally, in 2017, IAC was recognized by the NBR as one of the 10 Most Innovative Companies in America.
References
IAC/InterActiveCorp
Leadership team

Mr. Barry Diller (Chairman & Sr. Exec.)

Mr. Joseph M. Levin (CEO & Director)

Ms. Kendall Handler (Exec. VP, Chief Legal Officer & Sec.)

Products/ Services
Digital Media, E-Commerce, Internet
Number of Employees
1,000 - 20,000
Headquarters
New York, New York, United States
Established
1995
Company Registration
SEC CIK number: 0001800227
Revenue
Above - 1B
Traded as
IAC
Social Media