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IAC Inc.

From Alfawiki
IAC Inc.
Company typePublic
IndustryMass media, Internet
Founded1996; 30 years ago (1996)
FounderBarry Diller (control acquired in 1995)
Headquarters
New York City
,
United States
Area served
Worldwide (over 100 nations)
Key people
Joey Levin (CEO since June 2015), Barry Diller (Chairman)
ProductsDigital marketplaces, media brands, Internet services
Websitewww.iac.com

IAC Inc. is a United States-based holding company with operations spanning more than 100 nations, mainly concentrated in the fields of mass media and the Internet. Established in 1996 under the name HSN Inc. to manage Home Shopping Network and USA Network, it was rebranded as USA Networks, Inc. in 1999. The company's television properties were divested to Vivendi in 2002 and have since become part of NBCUniversal, a division owned by Comcast.

Legally incorporated in Delaware, IAC's main office is located in New York City. Since June 2015, Joey Levin, who previously led the firm's search and applications division, has been serving as CEO, overseeing strategic direction and worldwide operations. IAC's diverse portfolio encompasses a range of products and services within media and internet industries, reinforcing its influence and facilitating business expansion.

1980s and 1990s

IAC originated in 1986 under the name Silver King Broadcasting Company, with the goal of increasing viewership for the Home Shopping Network (HSN) by acquiring local television stations. By 1988, Silver King had acquired 11 stations at an approximate cost of $220 million. The company underwent name changes to HSN Communications, Inc. and later to Silver King Communications, Inc.. In 1992, Silver King became a publicly traded entity on Nasdaq under the ticker SKCI following a spin-off.

In August 1995, renowned entrepreneur Barry Diller, known for founding the Fox Broadcasting Company, took control of Silver King with support from major investor Liberty Media. Diller's vision was to utilize Silver King's station network to establish a new broadcast channel.

During the late 1990s, the company embarked on an assertive acquisition strategy. In December 1996, Silver King purchased an 80% interest in HSN for $1.3 billion in stock and adopted the name HSN, Inc.. Concurrently, it acquired the defunct film studio Savoy Pictures along with four Fox affiliate stations through SF Broadcasting for $210 million.

Expanding into live event ticketing, HSN secured a controlling share of Ticketmaster Group in July 1997 and completed full acquisition by June 1998. In February 1998, it bought television assets from Universal Studios, including USA Network, Sci-Fi Channel, plus Universal Television's production and distribution divisions for $4.1 billion, leading to a rebranding as USA Networks, Inc.. Continuing its growth trajectory, USA Networks acquired Hotel Reservations Network in May 1999 for $149 million.

In September 1998, USA Networks merged Ticketmaster's online segment with city guide site Citysearch, forming Ticketmaster Online–CitySearch (TMCS), which went public later that year. By 2001, USA Networks divested Ticketmaster itself to TMCS but maintained a 61% ownership stake in the combined entity named Ticketmaster. In 2003, USA Networks reacquired full ownership by purchasing all remaining shares.

Under Diller’s leadership, this sequence of strategic mergers and acquisitions considerably broadened IAC’s footprint across media, entertainment, and e-commerce industries. This approach established a diversified business framework with robust international operations and subsidiaries concentrating on consumer services and digital platforms.

2000s

At the start of the 2000s, USA Networks divested its traditional television broadcasting assets. In May 2001, Univision Communications acquired USA Broadcasting, which included 13 local stations. The following year, Vivendi took ownership of the remaining broadcast entertainment properties of USA Networks, such as the USA Network and Sci-Fi Channel, creating Vivendi Universal Entertainment under Barry Diller's leadership. Concurrently, USA Networks expanded its digital holdings by purchasing Expedia in July 2001 and Interval International in 2002.

To reflect its evolving focus on digital ventures, the company changed its name to USA Interactive (USAI) in May 2002, then to InterActiveCorp in June 2003, and later to IAC/InterActiveCorp in July 2004.

IAC pursued rapid expansion through acquisitions: it bought the online mortgage comparison platform LendingTree in August 2003, followed by the discount travel site Hotwire.com in September, and acquired French travel site Anyway.com for $62.7 million in October. Between 2004 and 2005, IAC added Tripadvisor, ServiceMagic, and Ask Jeeves to its portfolio while launching Gifts.com. In August 2005, it separated its travel-related businesses into a publicly traded entity named Expedia, Inc..

Additional acquisitions included ShoeBuy.com in 2006 (which was later sold to Jet.com) and Connected Ventures properties such as CollegeHumor and Vimeo. In May 2008, IAC and Ask.com jointly acquired Lexico, owner of Dictionary.com and similar sites. That August, IAC divested Tree.com (formerly LendingTree), Home Shopping Network, Ticketmaster, and Interval International.

In 2009, IAC expanded further by acquiring restaurant review platform Urbanspoon and dating service People Media while launching the production company Notional. Urbanspoon was eventually sold to Zomato in 2015.

This era represented a substantial broadening of IAC's business scope into diverse online sectors including travel, e-commerce, media, and dating—enhancing its market presence and global reach through a strategy focused on digital expansion and acquisitions.

2010s

In 2010, Liberty Media—the largest shareholder of IAC—exited following disagreements over the 2008 spinoffs by exchanging its stake for $220 million in cash plus ownership of Evite and Gifts.com. On the same day, Barry Diller resigned as CEO but stayed on as chairman; Match.com CEO Greg Blatt took over as CEO. That year also saw IAC expand its dating and fitness segment by acquiring Singlesnet and DailyBurn.

In January 2013, IAC purchased online tutoring company Tutor.com. Later that year, it sold Newsweek to International Business Times. In December 2013, IAC dismissed its corporate communications director after a social media controversy went viral, underscoring the importance of managing reputational risks in digital communications.

The company continued strategic acquisitions with ASKfm in 2014. November 2015 marked a key milestone as Match Group completed its initial public offering (IPO), reflecting significant growth within IAC’s operations.

In May 2017, IAC combined HomeAdvisor with Angie's List to create ANGI Homeservices Inc., which began trading publicly in October 2017. The company further strengthened ANGI’s market position through the acquisition of on-demand services platform Handy in 2018.

January 2019 witnessed IAC selling CityGrid to eLocal. Later that year, it made its largest investment by acquiring a stake in peer-to-peer car sharing marketplace Turo and purchased Care.com to diversify its service portfolio. In December 2019, IAC and Match Group finalized their complete separation through a corporate restructuring aimed at sharpening market focus and enhancing shareholder value.

2020s

In January 2020, IAC ceased funding for CollegeHumor and sold the company to its Chief Creative Officer, Sam Reich, while maintaining a minority stake in Reich's rebranded venture, Dropout. This transition resulted in the dismissal of more than 100 staff members. The following month, IAC finalized its $500 million purchase of Care.com.

By mid-2020, specifically July, IAC and Match Group completed their separation, which included the removal of Match Group’s dual-class voting rights. After the split, IAC shareholders held Match Group shares directly, with both entities trading independently on Nasdaq under the tickers "IAC" and "MTCH".

In August 2020, IAC acquired a 12% ownership interest in MGM Resorts International. Then in May 2021, IAC executed its eleventh spin-off by separating Vimeo into a standalone company, which now trades publicly on Nasdaq under the symbol "VMEO".

October 2021 saw IAC’s $2.7 billion acquisition of Meredith Corporation’s National Media Group. The transaction closed on December 1, merging Meredith and former Time Inc. assets with Dotdash—an IAC subsidiary—to create Dotdash Meredith, significantly broadening IAC’s media holdings.

In August 2022, IAC officially amended its legal name to IAC Inc. Later that year in October, IAC agreed to divest its workforce-as-a-service platform Bluecrew to EmployBridge but retained a minority ownership position in the enterprise.

Businesses

IAC organizes its operations into several segments for reporting purposes: Angi Inc., Dotdash Meredith, Search, and Emerging and Other. Each division encompasses multiple brands.

Angi Inc.

On May 1, 2017, IAC merged HomeAdvisor and Angie's List to form the publicly traded entity ANGI Homeservices Inc., which was rebranded as Angi in March 2021. This segment specializes in digital marketplaces that connect consumers with home repair and maintenance services.

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

Dotdash Meredith

Originally acquired as About.com in 2012 and later renamed Dotdash, this segment expanded considerably following the 2021 merger with Meredith Corporation and Time Inc., resulting in Dotdash Meredith. It includes prominent digital and print media brands spanning lifestyle, finance, and entertainment categories.

Search

Other

Board of directors

The board of IAC is composed of prominent executives and influential figures in the industry:[1]

External links

  1. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named iac.com
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