Jump to content

IAC Inc.

From Wikipedia, the free encyclopedia

This is an old revision of this page, as edited by 240d:1a:4b5:2800:e804:fe2e:3852:d056 (talk) at 04:14, 31 July 2020 (→External links). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

IAC/InterActiveCorp
FormerlyHSN Inc. (1996–1998)
USA Networks Inc.
(1998–2002)
USA Interactive (2002–2003)
InterActiveCorp (2003–2004)
Company typePublic
Nasdaq: IAC
Russell 1000 Component
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
,
U.S.
Area served
Worldwide
Key people
Barry Diller (Chairman and Senior Executive)
Joey Levin (CEO)
ProductsInteractive media
Mass Media
Internet
RevenueIncrease US$3.14 billion (2016)
Decrease US$32.6 million (2016)
Decrease US$41.3 million (2016)
Total assetsIncrease US$4.65 billion (2016)
Total equityIncrease US$2.01 billion (2016)
Number of employees
7,000[1] (2017)
Websiteiac.com

IAC (InterActiveCorp) is an American holding company that owns brands across 100 countries, mostly in media and Internet.[2] The company is headquartered in New York City[3] and incorporated in Delaware.[4] Joey Levin, who previously led the company's search & 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 and 2020s

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, Justine Sacco 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]

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

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. [66] 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. [67]

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

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." [70]

Businesses

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

ANGI Homeservices 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.[71]

Vimeo

Dotdash

  • Ask Media Group
  • Ask Applications

Other

See also

References

  1. ^ "IAC/InterActiveCorp". Fortune. Retrieved 2019-02-28.
  2. ^ Cohen, Aaron (2020-01-07). "How the remnants of About.com are stealthily taking over the internet". Fast Company. Retrieved 2020-01-16.
  3. ^ "Our Brand Locations". IAC. Archived from the original on 2012-12-14. Retrieved 2014-01-28.
  4. ^ "Inline XBRL Viewer". www.sec.gov. Retrieved 2020-05-06.
  5. ^ "Joey Levin | IAC". iac.com. Archived from the original on 2015-12-22. Retrieved 2015-12-16.
  6. ^ "IAC/InterActiveCorp | Leadership of IAC from company website". IAC. Archived from the original on 2016-11-20. Retrieved 2015-12-16.
  7. ^ a b Form 10-K: Annual Report (Report). HSN, Inc. April 14, 1997. p. 3. Archived from the original on 2017-03-03. Retrieved 2017-08-27 – via EDGAR.
  8. ^ a b James Greiff (July 4, 1988). "Cable TV broker has a new vision". St. Petersburg Times – via NewsBank.
  9. ^ "HSN completes Silver King spinoff". The Roanoke Times. December 30, 1992 – via NewsBank.
  10. ^ "Diller Is Cleared To Take Control of Silver King". New York Times. 1996-03-12. Archived from the original on 2015-01-12. Retrieved 2015-01-08.
  11. ^ a b Geraldine Fabrikant (August 26, 1995). "Return of the fox". Fort Worth Star-Telegram – via NewsBank.
  12. ^ Martin Peers (December 19, 1996). "Silver King annexes HSN". Variety. Archived from the original on 2016-02-20. Retrieved 2016-02-13.
  13. ^ Mark Albright (August 27, 1996). "HSN is acquired as deal is revamped". St. Petersburg Times – via NewsBank.
  14. ^ Form 8-K: Acquisition or disposition of assets (Report). Silver King Communications. December 23, 1996. Archived from the original on 2017-07-10. Retrieved 2017-08-31 – via EDGAR.
  15. ^ "Diller to take over Savoy, Home Shopping". UPI NewsTrack. November 27, 1995 – via NewsBank.
  16. ^ "HSN, With 50.1%, Has Controlling Stake In Ticketmaster". New York Times. 1997-07-30. Archived from the original on 2014-11-13. Retrieved 2015-01-08.
  17. ^ Kevin Shinkle (March 11, 1998). "USA Networks gets deal after boosting bid for Ticketmaster". Fort Worth Star-Telegram. Bloomberg – via NewsBank.
  18. ^ Form 10-K: Annual Report (Report). USA Networks, Inc. March 24, 1999. p. 3. Archived from the original on 2017-08-27. Retrieved 2017-08-27 – via EDGAR.
  19. ^ "Barry Diller Is No Visionary, But..." Fortune Magazine. Archived from the original on 2015-01-14. Retrieved 2015-01-08.
  20. ^ a b "HSN adds to TV fare; is renamed". The Tampa Tribune. February 13, 1998 – via NewsBank.
  21. ^ "USA Networks to acquire Hotel Reservation Network". Biz Journals. Archived from the original on 2014-11-13. Retrieved 2015-01-08.
  22. ^ Form 10-K: Annual Report (Report). USA Networks. March 2, 2000. p. 69. Archived from the original on 2017-08-27. Retrieved 2017-08-27 – via EDGAR.
  23. ^ Form S-1: Registration Statement (Report). Ticketmaster Online–CitySearch. September 30, 1998. p. 5. Archived from the original on 2017-02-26. Retrieved 2017-08-27 – via EDGAR.
  24. ^ "Ticketmaster Online has IPO". Associated Press News Service. December 3, 1998 – via NewsBank.
  25. ^ Gary Gentile (November 22, 2000). "USA Networks consolidates Ticketmaster operations". Associated Press Archive – via NewsBank.
  26. ^ "Ticketmaster Online–CitySearch and Ticketmaster close transaction" (Press release). Ticketmaster. January 31, 2001. Archived from the original on 2017-08-27. Retrieved 2017-08-27 – via EDGAR.
  27. ^ "USA Interactive completes acquisition of Ticketmaster" (Press release). USA Interactive. January 16, 2003. Archived from the original on 2016-02-21. Retrieved 2016-02-16.
  28. ^ "U.S. Approved Univision Deal". New York Times. 2001-05-09. Archived from the original on 2014-12-14. Retrieved 2015-01-15.
  29. ^ "Vivendi Completes USA Deal". LA Times. 2002-05-08. Archived from the original on 2014-12-28. Retrieved 2015-01-15.
  30. ^ "Vivendi Seals $10.3B USA Networks Deal". FoxNews.com. 2001-12-17. Archived from the original on 2014-11-13. Retrieved 2015-01-15.
  31. ^ "USA Networks acquires Expedia". The Chicago Tribune. 2001-07-17. Archived from the original on 2015-05-21. Retrieved 2015-05-18.
  32. ^ "USA Interactive to Acquire Interval International..." HospitalityNet.org. Archived from the original on 2015-05-20. Retrieved 2015-05-18.
  33. ^ "History". IAC. Archived from the original on 2016-12-16. 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 2017-03-11. Retrieved 2017-08-27 – via EDGAR.
  35. ^ "LendingTree suitor changing name". Biz Journals. Archived from the original on 2014-11-18. Retrieved 2015-01-15.
  36. ^ Form 8-K: Current report (Report). IAC/InteractiveCorp. July 14, 2004. Archived from the original on 2017-08-27. Retrieved 2017-08-27 – via EDGAR.
  37. ^ Hansell, Saul (2003-05-06). "USA Interactive Is Acquiring LendingTree In Stock Deal". New York Times. Archived from the original on 2014-11-14. Retrieved 2015-01-15.
  38. ^ "InteractiveCorp to buy Hotwire". USA Today. 2003-09-22. Archived from the original on 2014-11-13. Retrieved 2015-01-15.
  39. ^ "Transat announces sale of Anyway.com to IAC/InterActiveCorp". The Free Library. Archived from the original on 2014-10-24. Retrieved 2015-01-15.
  40. ^ Hansell, Saul (2004-03-17). "Deals: InterActive Corp to Acquire TripAdvisor". New York Times. Archived from the original on 2014-11-14. Retrieved 2015-01-15.
  41. ^ "IAC/InterActive Corp Acquires ServiceMagic". ACHR News. Archived from the original on 2015-04-02. Retrieved 2015-01-15.
  42. ^ Fabrikant, Geraldine (2005-03-21). "AskJeeves Inc to Be Bought for $2 Billion". New York Times. Archived from the original on 2015-04-02. Retrieved 2015-01-15.
  43. ^ "IAC Launches Gift-Giving Web Site". Wall Street Journal. 2005-03-21. Archived from the original on 2015-04-02. Retrieved 2015-01-15.
  44. ^ Hansell, Saul (2005-08-08). "Spinoff of Expedia Comes at Tough Time for Its Sector". New York Times. Archived from the original on 2014-11-14. Retrieved 2015-01-15.
  45. ^ "IAC/Interactive acquires online retailer ShoeBuy.com". Biz Journals. Archived from the original on 2014-11-13. Retrieved 2015-01-15.
  46. ^ "Walmart buys Zappos competitor ShoeBuy for $70M to help Jet.com battle Amazon in online apparel". GeekWire. 2017-01-06. Archived from the original on 2017-01-10. Retrieved 2017-01-09.
  47. ^ "IAC Buys CollegeHumor.com". AdWeek. Archived from the original on 2014-11-13. Retrieved 2015-01-15.
  48. ^ "IAC to Buy Lexico to Boost Its Ask.com" Archived 2017-07-09 at the Wayback Machine. Wall Street Journal. Retrieved February 11, 2015.
  49. ^ "IAC: And Then There Were Five" Archived 2017-07-29 at the Wayback Machine. Forbes. Retrieved June 13, 2010.
  50. ^ "IAC purchases Seattle restaurant guide site UrbanSpoon". Seattle Times. Archived from the original on 2015-02-12. Retrieved 29 January 2015.
  51. ^ "IAC Buys More Dating Sites For $80 Million". Business Insider. Archived from the original on 2015-02-12. Retrieved 29 January 2015.
  52. ^ "IAC Announces Launch of Production Company Notional". PR Newswire. Archived from the original on 2015-02-01. Retrieved 29 January 2015.
  53. ^ "Zomato buys Urbanspoon for $52M to enter US". 12 January 2015. Archived from the original on 2016-03-14. Retrieved 7 March 2018.
  54. ^ a b c Serwer, Andy (December 2, 2010). "Diller on leaving the top spot at IAC: "The company wasn't being managed correctly"". Fortune. Archived from the original on 2016-03-04. Retrieved 2016-02-14.
  55. ^ Robin Wauters (December 2, 2010). "Liberty Exits IAC For Evite, Gifts.com And $220M In Cash – Diller Steps Down As CEO". TechCrunch. Archived from the original on 2016-02-22. Retrieved 2016-02-14.
  56. ^ "Confirmed: Match.com Acquires Singlesnet". Techcrunch. Archived from the original on 2015-02-14. Retrieved February 5, 2015.
  57. ^ "IAC Buys Into Fitness Social Network DailyBurn". Techcrunch. Archived from the original on 2015-02-05. Retrieved February 5, 2015.
  58. ^ "Biggest Online Tutor Bought By Barry Diller's IAC". ABC News. January 8, 2013. Retrieved February 11, 2015.
  59. ^ Launder, William (August 3, 2013). "IBT Media to Buy Newsweek from IAC". The Wall Street Journal. Archived from the original on 2015-04-06. Retrieved August 5, 2013.
  60. ^ Ronson, Jon (February 12, 2015). "How One Stupid Tweet Blew Up Justine Sacco's Life". The New York Times Magazine. Archived from the original on 2015-02-12. Retrieved February 13, 2015. Going to Africa. Hope I don't get AIDS. Just kidding. I'm white!
  61. ^ O'Connell, Mark, "First Thought, Worst Thought" Archived 2014-01-16 at the Wayback Machine, New Yorker, January 13, 2014
  62. ^ Giacomazzo, Bernadette (2014-01-10). ""Top 10 Social Media Rules for Professionals (Hint: Don't Be Like Justine Sacco)" Latin Post, 10 January 2014". Latin Post. Archived from the original on 2014-01-12. Retrieved 2014-01-28.
  63. ^ "IAC to acquire Ask.fm, agrees to combat cyberbullying". Big News Network.com. 14 August 2014. Archived from the original on 2014-08-19. Retrieved 14 August 2014.
  64. ^ "Match Group Announces Pricing of Initial Public Offering". PR Newswire. PR Newswire. Retrieved 15 November 2015.
  65. ^ Carville, Olivia. "ANGI Homeservices to Buy Handy to Dominate Home Renovations". Bloomberg. Bloomberg. Retrieved 11 October 2018.
  66. ^ Cosgrove, Elly. "Care.com shares surge after Barry Diller's IAC agrees to buy online caregiver marketplace". CNBC. CNBC. Retrieved 20 December 2019.
  67. ^ Kellaher, Colin; Prang, Allison. "IAC/InterActive, Match Group Agree to Full Separation". The Wall Street Journal. The Wall Street Journal. Retrieved 19 December 2019.
  68. ^ Sapra, Bani (2020-01-08). "CollegeHumor's parent company pulled its funding, laying off more than 100 employees and leaving a longtime executive to run the company on his own". Business Insider. Retrieved 2020-02-10.
  69. ^ "IAC Announces Close of $500 Million Care.com Acquisition". PRNewswire. Retrieved 11 February 2020.
  70. ^ "IAC and Match Group Complete Full Separation". PRNewswire. Retrieved 1 July 2020.
  71. ^ Jamerson, Joshua. "IAC Plans to Buy Angie's List". Wall Street Journal. Archived from the original on 2017-05-03. Retrieved May 3, 2017.
  72. ^ "ANGI : Summary for ANGI Homeservices Inc. - Yahoo Finance". finance.yahoo.com. Archived from the original on 2017-11-12. Retrieved 7 March 2018.
Wikimedia Commons has media related to IAC (company).
Retrieved from "https://en.wikipedia.org/w/index.php?title=IAC_Inc.&oldid=970411462"