|Traded as||NASDAQ: IACI|
New York City, U.S.
(Chairman and Senior Executive)
|Revenue||$3.11 billion as of 2014|
|$ 378.7 million as of 2014|
|$ 414.9 million as of 2014|
|Total assets||$ 4.27 billion as of 2014|
|Total equity||$ 1.99 billion as of 2014|
Number of employees
|5,000 as of January 2015|
IAC/InterActiveCorp (also known as IAC) is an American media and Internet company, with over 150 brands across 100 countries. It is headquartered in New York City. The Chairman and Senior Executive is Barry Diller, who was previously head of Paramount Pictures, Fox Broadcasting, and USA Broadcasting.
1980s and '90s
IAC was incorporated in 1986 under the name Silver King Broadcasting Company, as a subsidiary of the Home Shopping Network. In 1992, Silver King was spun off to Home Shopping Network shareholders as a separately traded public company. In August 1995, Barry Diller bought a controlling stake in Silver King Communications, taking control of the television company as Chairman and CEO. A year later, Silver King Communications and Home Shopping Network merged and acquired a third company, Savoy Pictures Entertainment. The three companies were combined to create HSN, Inc.
HSN, Inc. acquired several assets in the late-1990s. In May 1997, the company acquired a controlling stake in Ticketmaster Group; in February 1998, it acquired the majority of the TV assets from Universal Studios (including USA Networks, Sci-Fi Channel, and Universal Television's domestic production and distribution arms). The company's name was changed to USA Networks, Inc. at this point, after the Universal deal was approved. Continuing its acquisition strategy, the company acquired Match.com in May 1999 and the Hotel Reservation Network in June 1999.
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 fully owned stations. The following year, 2002, Vivendi bought the rest of USA Networks' broadcast entertainment businesses, including the USA Network and Sci-Fi Channel. This led to the creation of a new entity called Vivendi Universal Entertainment (Barry Diller became the CEO of the newly created company). In the midst of this transition, USA Networks continued to build up its online portfolio. In July of 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 to its growing list of acquisitions. In October, Transat A.T. Inc. entered into an agreement to sell its French subsidiary Anyway.com to IAC, for an enterprise value of €53 million (approximately CAD$81.6 million, $62.7 million USD).
In 2004 and 2005, IAC continued its growth through acquisition, adding assets including TripAdvisor, ServiceMagic, and AskJeeves.com. It also launched Gifts.com during this period. In August 2005, the company bundled together its travel-related sites, including Expedia, and spun them off as a new publicly traded company on the NASDAQ. Additional acquisitions in 2006 included Shoebuy.com and CollegeHumor.com.
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 (NASDAQ: TREE), the Home Shopping Network, Ticketmaster, and Interval Leisure Group (NASDAQ: IILG). 2009 saw the acquisition of Urbanspoon.com and PeopleMedia, and the launch of production company Notional.
In 2010, IAC acquired dating site Singlesnet and fitness site DailyBurn. Later that year, Barry Diller stepped down as CEO of IAC. In February 2011, IAC acquired the free-to-contact dating site, OkCupid, for $50 million. In April 2011, IAC extended its deal with Google, originally worth $3.5 billion, to hand over all search advertising on Ask.com and other IAC search products through March 31, 2016.
On February 14, 2012, Barry Diller introduced Aereo, an Internet television service. In March 2012 in New York City, Aereo started streaming all of the broadcast networks to smartphones, tablets and televisions with Internet capability. On June 25, 2014, in a 6-3 Opinion, the U.S. Supreme Court ruled against Aereo. The Court found that Aereo infringed upon the rights of copyright holders.
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. In November 2013, IAC acquired Investopedia and PriceRunner from ValueClick.
On December 22, 2013, IAC fired their Director of Corporate Communications, Justine Sacco. She became a source of controversy for a tweet claiming Africa and AIDS to have a racial association that was widely taken to be racist. She quickly said that it was intended to be a joke and that "Her tweet was supposed to mimic—and mock—what an actual racist, ignorant person would say."  An IAC spokesperson said the "outrageous, offensive comment" did not reflect the company's "views and values". The tweet went viral, being re-tweeted and scorned around the world, and swiftly, she was fired for the tweet. Following her dismissal, Sacco issued an unconditional apology through The Star, a South African newspaper.
The incident has since become a byword for the need for people, especially professionals, to be cautious about what they post on social media. Additionally, those alleging other practices to be racist have used the phrase "Justine Sacco treatment" to describe a possible response. Sacco's experience leading up to and following this incident is among the topics covered in journalist Jon Ronson's book So You've Been Publicly Shamed.
In the first quarter of 2014, IAC organized its businesses into four distinct segments for the purposes of financial reporting. Those segments are Search & Applications, The Match Group, Media, and eCommerce. The businesses are organized as follows:
Search and applications
The Match Group
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Going to Africa. Hope I don’t get AIDS. Just kidding. I’m white!
- O'Connell, Mark, "First Thought, Worst Thought", New Yorker, January 13, 2014
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