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IAC Inc.

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IAC Inc.
Formerly
  • HSN Inc. (1996–1998)
  • USA Networks Inc. (1998–2002)
  • USA Interactive (2002–2003)
  • InterActiveCorp (2003–2004)
Company typePublic
ISINUS44891N1090 Edit this on Wikidata
IndustryMedia
PredecessorsSilver King Communications
FoundedAugust 24, 1995; 29 years ago (1995-08-24)
HeadquartersIAC Building,
New York City, New York
,
United States
Area served
Worldwide
Key people
Products
RevenueIncrease US$5.24 billion (2022)
Decrease US$−475 million (2022)
Decrease US$−1.17 billion (2022)
Total assetsDecrease US$10.4 billion (2022)
Total equityDecrease US$6.57 billion (2022)
Number of employees
c. 11,000 (2022)
Websitewww.iac.com Edit this at Wikidata
Footnotes / references
[1]

IAC Inc. is an American holding company that owns brands across 100 countries, mostly in media and Internet.[2] The company is incorporated under Delaware General Corporation Law[3] and headquartered in New York City.[4] Joey Levin, who previously led the company's search and applications segment,[5] has served as chief executive officer since June 2015.[6]

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 (HSN) by purchasing local television stations.[7][8] By 1988, Silver King had bought 11 stations for about $220 million.[8] The company was later renamed as HSN Communications, Inc., and then Silver King Communications, Inc.[7] In 1992, Silver King was spun off to HSN shareholders as a separately traded public company.[9] In August 1995, Barry Diller acquired control of Silver King, in a deal backed by the company's largest shareholder, Liberty Media.[10][11] 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.[11]

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.[12][13][14] 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.[15]

HSN purchased a controlling stake in Ticketmaster Group in July 1997,[16] and then acquired the rest of the company in June 1998.[17][18] In February 1998, it acquired the television assets of Universal Studios (including USA Network, Sci-Fi Channel, and Universal Television's domestic production and distribution arms) for $4.1 billion.[19][20] The company's name was changed to USA Networks, Inc. at this point.[20] Continuing its acquisition strategy, the company acquired the Hotel Reservations Network in May 1999 for $149 million.[21][22]

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 (TMCS).[23][24] USA then sold Ticketmaster proper to TMCS in 2001, retaining a 61 percent share in the combined company, which became known as simply Ticketmaster.[25][26] USA brought Ticketmaster back under full ownership in 2003, purchasing all outstanding shares.[27]

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 (a division of USA Networks including 13 local stations).[28] The next year, Vivendi bought the rest of USA's broadcast entertainment businesses, including the USA Network and Sci-Fi Channel.[29] This led to the creation of a new company named Vivendi Universal Entertainment, led by Diller.[30] 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,[31] followed the next year by an acquisition of Interval International.[32]

Following the shift in focus to online assets, the company changed its name to USA Interactive (USAI)[33] in May 2002;[34] InterActiveCorp in June 2003;[35] and finally to IAC/InterActiveCorp in July 2004.[36]

In August 2003, IAC acquired the online mortgage comparison site LendingTree,[37] and in September, the company added discount travel website Hotwire.com to its growing list of acquisitions.[38] In October, IAC agreed to buy French travel site Anyway.com from Transat A.T. for $62.7 million.[39]

In 2004 and 2005, IAC continued its growth through acquisition, adding assets including Tripadvisor,[40] ServiceMagic,[41] and Ask Jeeves.[42] It also launched Gifts.com during this period.[43] In August 2005, the company bundled together its travel-related sites and spun them off as a new public company, Expedia, Inc.[44] Additional acquisitions in 2006 included ShoeBuy.com,[45] which the company later sold to Jet,[46] and Connected Ventures including CollegeHumor and Vimeo.[47]

In May 2008, IAC and Ask.com acquired Lexico, the owner of Dictionary.com, Thesaurus.com, and Reference.com.[48] In August 2008, IAC spun off several of its businesses, including: Tree.com (formerly LendingTree), the Home Shopping Network, Ticketmaster, and Interval International.[49]

In 2009, IAC acquired Urbanspoon[50] and People Media,[51] and launched the production company Notional.[52] IAC would later sell Urbanspoon to Zomato in 2015.[53]

2010s

IAC's largest shareholder, Liberty Media, exited the company in 2010, following a protracted dispute over the 2008 spinoffs.[54][55] Liberty traded its IAC stock for $220 million in cash, plus ownership of Evite and Gifts.com.[54] 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.[54] That same year, IAC acquired dating site Singlesnet[56] and fitness site DailyBurn.[57]

In January 2013, IAC acquired online tutoring firm Tutor.com.[58] On August 3, 2013, IAC sold Newsweek to the International Business Times on undisclosed terms.[59] On December 22, 2013, IAC fired their director of corporate communications after an AIDS joke she posted to Twitter went viral,[60] being re-tweeted and scorned around the world.[61] The incident became a byword for the need for people to be cautious about what they post on social media.[62]

In 2014, IAC acquired ASKfm for an undisclosed sum.[63]

In November 2015, IAC and Match Group announced the closing of Match Group's previously announced initial public offering.[64]

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, ANGI made its first acquisition of on-demand platform Handy.[65]

In January 2019, IAC sold Citysearch parent CityGrid to eLocal.[66] 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.[67] 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.[68]

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.[69] In February, IAC completed its $500 million acquisition of Care.com.[70]

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."[71]

In August 2020, IAC announced[72] 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.[73] 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,[74] and the acquired Meredith (and the former Time Inc.) assets merged with IAC subsidiary Dotdash, forming a new entity called Dotdash Meredith.[75]

In August 2022, IAC officially changed its legal entity (IAC/InterActiveCorp) to reflect what it is actually called: IAC Inc. In October, IAC agreed to sell its workforce-as-a-service platform Bluecrew to EmployBridge[76] with IAC remaining a minority shareholder in Bluecrew's business.

Businesses

IAC's businesses are categorized into distinct segments for the purposes of financial reporting. Those segments are labelled by the company as Angi Inc., Dotdash Meredith, Search, and Emerging and Other. Each business listed may have multiple brands connected to it.

Angi Inc.

On May 1, 2017, IAC announced it had entered into a definitive agreement with Angie's List to combine HomeAdvisor, a digital marketplace for maintenance and repair services, and Angie's List into a new publicly traded company named ANGI Homeservices Inc.[77] In March 2021, the company changed its name to Angi.[78]

  • Angi
  • CraftJack
  • Fixd Repair
  • Handy
  • HomeAdvisor[79]
  • HomeStars (Canada)
  • ImproveNet
  • Instapro (Italy)
  • mHelpDesk
  • MyBuilder (United Kingdom)
  • MyHammer (Germany, Austria)
  • Travaux.com (France)
  • Werkspot (Netherlands)

Dotdash Meredith

Other

Corporate affairs

Board of directors

IAC's board of directors consists of the following members:[6]

See also

References

  1. ^ "IAC: Form 10-K". U.S. Securities and Exchange Commission. March 1, 2023.
  2. ^ Cohen, Aaron (January 7, 2020). "How the remnants of About.com are stealthily taking over the internet". Fast Company. Retrieved January 16, 2020.
  3. ^ "Annual Report Pursuant to Section 13 or 15(D) of the Securities Exchange Act of 1934". SEC.gov. February 27, 2020. Archived from the original on February 21, 2023. Retrieved May 6, 2020.
  4. ^ "Around the World". IAC. Archived from the original on December 14, 2012. Retrieved January 28, 2014.
  5. ^ "Joey Levin". IAC. Archived from the original on December 22, 2015. Retrieved December 16, 2015.
  6. ^ a b "Our Leaders". IAC. Archived from the original on November 20, 2016. Retrieved December 16, 2015.
  7. ^ a b Form 10-K: Annual Report (Report). HSN, Inc. April 14, 1997. p. 3. Archived from the original on March 3, 2017. Retrieved August 27, 2017 – via EDGAR.
  8. ^ a b Greiff, James (July 4, 1988). "Cable TV broker has a new vision // Rick Michaels seeks rewards of risk-taking". Tampa Bay Times – via NewsBank.
  9. ^ "HSN completes Silver King spinoff". The Roanoke Times. December 30, 1992 – via NewsBank.
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  12. ^ Martin Peers (December 19, 1996). "Silver King annexes HSN". Variety. Archived from the original on February 20, 2016. Retrieved February 13, 2016.
  13. ^ Mark Albright (August 27, 1996). "HSN is acquired as deal is revamped". St. Petersburg Times – via NewsBank.
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  19. ^ Surowiecki, James; de Llosa, Patty; Tarpley, Natasha (April 12, 1999). "Barry Diller Is No Visionary But he is a great businessman. If he wins Lycos and blends it with the media and retail assets he manages so well, he may even create a profitable Internet company". Fortune Magazine. Archived from the original on January 14, 2015. Retrieved January 8, 2015.
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  23. ^ Form S-1: Registration Statement (Report). Ticketmaster Online–CitySearch. September 30, 1998. p. 5. Archived from the original on February 26, 2017. Retrieved August 27, 2017 – via EDGAR.
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  33. ^ "History". IAC. Archived from the original on December 16, 2016. Retrieved December 5, 2016. The page repeatedly refers to "USAI", e.g. "USAI acquires Precision Response Corporation (announced 1/00)".
  34. ^ "USA Networks, Inc. completes transaction with Vivendi Universal; company renamed USA Interactive" (Press release). USA Interactive. May 7, 2002. Archived from the original on March 11, 2017. Retrieved August 27, 2017 – via EDGAR.
  35. ^ "LendingTree suitor changing name". Biz Journals. June 19, 2003. Archived from the original on November 18, 2014. Retrieved January 15, 2015.
  36. ^ Form 8-K: Current report (Report). IAC/InteractiveCorp. July 14, 2004. Archived from the original on August 27, 2017. Retrieved August 27, 2017 – via EDGAR.
  37. ^ Hansell, Saul (May 6, 2003). "USA Interactive Is Acquiring LendingTree In Stock Deal". The New York Times. Archived from the original on November 14, 2014. Retrieved January 15, 2015.
  38. ^ "InteractiveCorp to buy Hotwire". USA Today. September 22, 2003. Archived from the original on November 13, 2014. Retrieved January 15, 2015.
  39. ^ "Transat announces sale of Anyway.com to IAC/InterActiveCorp, owner of Expedia - Expedia, Inc. to extend presence in France through Anyway addition to IAC Travel portfolio". PR Newswire. October 27, 2003. Archived from the original on October 24, 2014. Retrieved January 15, 2015 – via The Free Library.
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  41. ^ "IAC/InterActive Corp Acquires ServiceMagic". ACHR News. August 11, 2004. Archived from the original on April 2, 2015. Retrieved January 15, 2015.
  42. ^ Fabrikant, Geraldine (March 21, 2005). "AskJeeves Inc to Be Bought for $2 Billion". The New York Times. Archived from the original on April 2, 2015. Retrieved January 15, 2015.
  43. ^ Vara, Vauhini (March 21, 2005). "IAC Launches Gift-Giving Web Site". Wall Street Journal. Archived from the original on April 2, 2015. Retrieved January 15, 2015.
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  45. ^ "IAC/Interactive acquires online retailer ShoeBuy.com". Biz Journals. January 31, 2006. Archived from the original on November 13, 2014. Retrieved January 15, 2015.
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  66. ^ Sullivan, Laurie (January 4, 2019). "eLocal Acquires Felix And CityGrid From IAC To Build On Performance". MediaPost. Archived from the original on January 28, 2023.
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