IAC Inc. is a diversified holding company that operates a portfolio of category-leading businesses across various industries, including digital publishing, home services, caregiving, and emerging sectors. The company provides a wide range of products and services, such as digital and print media, home service connections, caregiving platforms, and search-related tools. IAC's operations are structured into distinct segments, each contributing to its overall business strategy and market presence.
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Dotdash Meredith - Operates as one of the largest digital and print publishers in the U.S., offering advertising, performance marketing, and licensing services through over 40 iconic brands, including PEOPLE, Better Homes & Gardens, and Investopedia. Sub-segments include:
- Digital - Focuses on digital, mobile, and licensing operations.
- Print - Includes magazine subscriptions, newsstand sales, and print advertising.
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Angi Inc. - Connects consumers with home service professionals across more than 500 categories, such as home repair, cleaning, and landscaping. Sub-segments include:
- Ads and Leads - Provides tools for service professionals to engage with potential customers.
- Services - Enables consumers to directly request household services fulfilled by independent providers.
- International - Covers operations in Europe and Canada.
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Search - Includes Ask Media Group, which offers general search services and information, and Desktop, which provides downloadable desktop applications and business-to-business partnership operations.
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Emerging & Other - Comprises a mix of early-stage and established businesses, including Vivian Health (healthcare staffing platform), IAC Films (film production), The Daily Beast (digital news platform), and other ventures. Recent divestitures include the sale of Mosaic Group and Total Home Roofing.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Barry Diller ExecutiveBoard | Chairman and Senior Executive | Chairman and Senior Executive of Expedia Group; Board Member of The Coca-Cola Company, MGM Resorts International; Member of The Business Council; Advisory Board Member of the Peter G. Peterson Foundation. | Barry Diller has been instrumental in leading IAC since 1995, serving as Chairman and CEO until 2010 and as Chairman and Senior Executive since then. | |
Christopher Halpin Executive | EVP, CFO, and COO | Board Member of Angi Inc.. | Joined IAC in 2022 as CFO and became COO in 2023. Previously EVP and Chief Strategy & Growth Officer at the NFL, with experience in private equity and media. | |
Kendall Handler Executive | EVP, Chief Legal Officer, and Secretary | Board Member of Angi Inc.. | Joined IAC in 2017, initially overseeing M&A legal matters. Became General Counsel in 2021 and Chief Legal Officer in 2022. Previously an associate at Wachtell, Lipton, Rosen & Katz. | |
Alan G. Spoon Board | Director | Chairman of Fortive Corporation; Director of Danaher Corporation and Match Group; Member of the MIT Corporation. | Director at IAC since 2003. Former COO and President of The Washington Post Company. Extensive experience in private equity and public company management. | |
Alexander von Furstenberg Board | Director | CIO of Ranger Global Advisors; Board Member of Expedia Group and Vimeo; Partner and Co-Chairman of Diane von Furstenberg Studio. | Director at IAC since 2008. Leads Ranger Global Advisors and has extensive experience in investment management and family office operations. | |
Bonnie S. Hammer Board | Director | Vice Chairman of NBCUniversal; Board Member of Participant Media; Member of the Board of Governors for the Motion Picture & Television Fund Foundation. | Director at IAC since 2014. Extensive experience in media, including leading NBCUniversal Content Studios and developing Peacock streaming service. | |
Bryan Lourd Board | Director | Partner and Managing Director at Creative Artists Agency (CAA). | Director at IAC since 2005. A leader in the entertainment industry, managing talent and business strategy at CAA. | |
Chelsea Clinton Board | Director | Vice Chair of The Clinton Foundation and Clinton Health Access Initiative; Co-Founder of Metrodora Ventures; Board Member of Expedia Group, Clover Health, The School of American Ballet, and others. | Director at IAC since 2011. Brings public policy expertise and private equity experience. Also teaches at Columbia University\u2019s Mailman School of Public Health. | |
David Rosenblatt Board | Director | CEO of 1stdibs.com; Board Member of Farfetch UK Limited. | Director at IAC since 2008. Former CEO of DoubleClick and President of Global Display Advertising at Google. Currently leads 1stdibs.com, an online marketplace for design. | |
Maria Seferian Board | Director | Chairperson of MOCA Los Angeles; Director of the Schmidt Family Foundation. | Appointed to IAC\u2019s board in 2023. President and Chief Legal Officer of Hillspire, LLC, and former Interim CEO of MOCA Los Angeles. | |
Michael D. Eisner Board | Director | Chairman of The Tornante Company; Chairman of Portsmouth Community Football Club; Chairman of The Bazooka Companies; Board Member of Denison University, The Aspen Institute, and others. | Director at IAC since 2011. Former Chairman and CEO of The Walt Disney Company. Currently leads Tornante, a media and entertainment investment firm. | |
Richard F. Zannino Board | Director | Managing Director at CCMP Capital Advisors; Board Member of The Est\u00e9e Lauder Companies, Ollie\u2019s Bargain Outlet, and Hillman Solutions; Vice Chairman of Pace University. | Director at IAC since 2009. Former COO and President of The Washington Post Company. Currently focuses on private equity investments in the consumer sector. |
- Can you explain the specific factors that led to the larger-than-expected revenue decline in Angi during Q2, and how do you anticipate this will impact your outlook for the rest of the year?
- With the leadership change at Care.com, does this signal any shifts in your investment strategy or business focus for the platform, and how do you plan to drive growth moving forward?
- How do you reconcile the need to grow the number of service professionals on Angi with the recent decline in SP count, and what strategies are you implementing to improve gross adds while maintaining better retention?
- Given the competitive landscape and the rise of short-form video platforms like TikTok and Instagram Reels, how is Dotdash Meredith planning to compete for consumer engagement, and are you seeing any impact on your traffic and advertising revenues?
- Regarding your investment in MGM and exposure to online sports betting and iGaming, is there potential for IAC to expand further into the online gambling space, and how might you leverage this investment to create more direct opportunities in that market?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
NYC Headquarters Building Land | 2023 | IAC acquired the land for its New York City headquarters in April 2023 for approximately $80.0 million (including a $8.1 million payment in March), a strategic move to avoid a steep ground lease step-up on a 75‑year lease and to enhance long‑term asset flexibility amid a disrupted real estate market. |
Turo | 2023 | IAC’s 2023 investment in Turo involved purchasing additional preferred shares for $103.6 million, raising its ownership to roughly 30% (with the common shares investment accounted for under the equity method due to a 29.9% fully diluted basis), reflecting its strategic expansion into the peer-to-peer car sharing market. |
Meredith Holdings Corporation | 2021 | Dotdash Media, a wholly‑owned subsidiary of IAC, acquired Meredith Holdings Corporation via an all‑cash merger at $42.18 per share (valuing the deal at approximately $2.7 billion), forming Dotdash Meredith Inc.—a combined entity that leverages Meredith’s premium advertising relationships with Dotdash’s digital expertise and was partly financed through an $850 million bridge facility. |
Recent press releases and 8-K filings for IAC.
- Completed spin-off of Angi Inc. on March 31, 2025 via special dividend; Angi’s operations are now presented as discontinued operations for periods before the distribution.
- Dotdash Meredith revenue grew 5% to $1.777 billion in 2024, driven by a 13% increase in Digital revenue to $1.004 billion, offset by a 4% decline in Print to $794 million.
- Total IAC revenue decreased 10% to $2.622 billion for the year ended December 31 2024; Adjusted EBITDA rose 8% to $231.8 million, with Dotdash Meredith Adjusted EBITDA up 33% to $295.4 million.
- Holds 64.7 million shares (22%) of MGM Resorts, carrying value $2.2 billion at December 31 2024, and recorded an unrealized pre-tax loss of $649.2 million on this investment in 2024.
- IAC management presented an in-depth investor presentation outlining their mission of financially disciplined opportunism, rational patience with capital, and exceptional shareholder returns, detailing progress on assets like Dotdash, Angi, and Turo.
- Executives addressed macro trends including tariff impacts and shifting digital advertising performance, noting strong results in premium direct channels despite programmatic adjustments.
- The Q&A covered topics such as strategic partnerships with OpenAI and clarification on Turo stake, emphasizing that a controlling stake is not a priority, as well as ongoing capital allocation strategies including share buybacks.
- The company executed an Incremental Assumption Agreement and Amendment No. 2 effective May 14, 2025, which updates its Credit Agreement originally dated December 1, 2021 and includes prior amendments from March 2024 and November 2024.
- The amendment provides for Incremental Term Loans to prepay existing Term A Loans and introduces Replacement Revolving Facility Commitments for general corporate purposes, along with updated pricing and covenant provisions.
- Robust Q1 performance: IAC’s Q1 2025 call highlighted a solid start with key operational achievements—including the full spin-off of Angi as the company’s 10th independent entity—and emphasized execution across its platforms.
- Capital allocation focus: The company repurchased 4.5 million shares and increased its repurchase authorization by 10 million shares, reaffirming its commitment to capital allocation via share buybacks and potential M&A opportunities.
- Strong DDM results: The Dotdash Meredith segment delivered 7% digital revenue growth and a 46% increase in EBITDA, benefited by a significant lease termination that generated $43 million in cash and a $36 million book gain.
- Future strategic investments: Leadership outlined upcoming product initiatives—including the launch of a new people app, My Recipes, and the expansion of D/Cipher Plus—while also advancing AI integration across its portfolio.
- IAC Overall Q1 2025 Results: Reported revenue of $570.5 million and adjusted EBITDA of $50.9 million, reflecting strong performance despite a 9% revenue decline versus Q1 2024 [4, 5].
- Dotdash Meredith Q1 2025 Turnaround: Achieved consolidated revenue of $393,071 thousand with net earnings of $9,242 thousand, recovering from a net loss of $34,018 thousand in Q1 2024 .
- Share Repurchase & Buyback Authorization: IAC repurchased 4.5 million shares for $200 million and received board approval for a new repurchase authorization of 10 million shares [4, 5].
- Merger & Credit Agreement Update: Dotdash Meredith, as the Successor Borrower following a merger, assumed all obligations under its Credit Agreement and amended disclosures, including an updated balance sheet as of March 31, 2025 .
- Maintained Liquidity & Financing: Q1 2025 operating cash flows were $16,627 thousand with long-term debt at approximately $1,419,544 thousand [2, 3].
- Angi Inc. Spin-Off: Angi Inc. was spun off on March 31, 2025, with its historical performance now reported as discontinued operations [4, 5].
- IAC Inc. filed an 8-K on April 8, 2025 that includes supplemental financial data and details on the continued operations excluding Angi, with financial exhibits supporting the report.
- The spin-off of Angi, including its Total Home Roofing business, was completed on March 31, 2025, with the distribution of Angi shares to IAC shareholders, resulting in Angi becoming an independent public company and its prior operations classified as discontinued.
- IAC completed the spin-off of its Angi business, distributing Angi shares to its shareholders on April 1, 2025 to make Angi an independent, publicly traded company.
- Joey Levin transitioned from IAC CEO to become Executive Chairman of Angi, while Angi’s CEO, Jeff Kip, leads its independent operations.
- The transaction eliminated Angi’s dual class voting structure, which is expected to provide Angi with a more attractive equity currency for future growth.
- IAC Inc. filed an 8-K on March 27, 2025, confirming the planned spin-off of Angi Inc. and the declaration of a special dividend distribution.
- The Board approved issuing 0.5251 shares of Angi Class A common stock per IAC common and Class B share, with the record date on March 25, 2025 and distribution on March 31, 2025.
- Post-distribution, IAC will no longer hold any shares in Angi, and both companies' trading details were outlined for continued market activity.
- Temporary blackout period for participants holding the IAC Stock Fund is instituted due to the planned Angi spin-off, effective from 4:00pm ET on March 31, 2025 until 9:30am ET on April 3, 2025.
- The blackout will suspend transactions—including transfers, investment changes, and plan loans—for affected account balances while a new Angi Stock Fund is established.
- Participants are advised to update their future contribution elections and plan rebalancing settings before the blackout begins, with further guidance available via Schwab’s contact channels.
- On March 16, 2025, the Board of Directors authorized an increase in the share repurchase program, allowing for the repurchase of up to an additional 10 million shares, which brings the available repurchase capacity to approximately 10.2 million shares.
- The announcement outlines that repurchases will occur under varied market conditions and be executed in compliance with Rule 10b-18 of the Exchange Act, with transactions potentially conducted on the open market or in privately negotiated deals.