Iac Interactivecorp SEC Filings

IAC Inc., which is being renamed People Incorporated, updated its financial reporting after the expiration of its Google Services Agreement and the shutdown of its Search segment. The Google agreement, originally signed in 2015, was not renewed, was temporarily extended to April 30, 2026, and then expired, at which point Search operations ceased.

The company has now classified the Search segment as discontinued operations for all periods before April 30, 2026, consistent with ASC 205. It also presents Angi and Care.com as discontinued operations following the March 31, 2025 spin-off of Angi and the March 16, 2026 sale of Care.com. Supplemental tables on continuing operations revenue, operating income, depreciation, amortization, and Adjusted EBITDA have been posted on IAC’s investor website and furnished as an exhibit, with no other changes to reportable segments.

IAC Inc. is asking stockholders to vote at its 2026 virtual annual meeting on July 16, 2026 at 9:30 a.m. Eastern. Investors will elect twelve directors, cast an advisory say-on-pay vote on 2025 executive compensation, and ratify Ernst & Young LLP as auditor for 2026.

The proxy details board composition, committee structures, director independence, and risk oversight, including cybersecurity. It also describes a major reorganization under which IAC will be renamed People Incorporated, with leadership transitioning to executives from its People Inc. business, while Barry Diller remains Chairman and Senior Executive.

IAC Inc. senior vice president and chief accounting officer Michael H. Schwerdtman reported an open-market sale of 6,878 shares of common stock on May 12, 2026. The weighted average sale price was $40.5352 per share, with individual trades between $40.50 and $40.62. After this transaction, he directly holds 28,743 IAC shares.

People Incorporated, formerly IAC Inc., has submitted a non-binding proposal to acquire all outstanding shares of MGM Resorts International that it does not already own for $48.30 per share in cash. The offer values MGM at a 24.1% premium to its 30-day volume-weighted average price, more than a 30% premium to the 90-day average, and a 10.6% premium to the most recent closing price. People Incorporated currently owns 26.1% of MGM’s outstanding common stock and expects to hold just over 50.1% of the equity in the post-transaction company, with other investors holding minority interests. The proposal is expressly non-binding and subject to negotiation of definitive agreements, completion of confirmatory due diligence, financing arrangements with no financing condition, and required competition and gaming regulatory approvals.

IAC Inc. reported a smaller net loss for the quarter ended March 31, 2026 as it reshapes the business around People Inc. and its large stake in MGM Resorts International. Revenue fell to $422.9 million from $481.7 million, mainly due to a steep decline in Search segment revenue tied to Google.

The company recorded a net loss attributable to shareholders of $71.9 million, improved from a $216.8 million loss a year earlier. Results included a $75.6 million loss on the sale of Care.com, which generated $295.7 million of net cash proceeds and is now treated as discontinued operations.

IAC is exiting its Search segment after the Google services agreement expired, and it plans to change its name to People Incorporated while consolidating corporate functions. The restructuring plan is expected to cost about $63 million, including $14 million in severance and $48 million of stock-based compensation, and will bring leadership changes that move People’s CEO and CFO into those roles at the parent.

The company ended the quarter with $1.11 billion of cash and cash equivalents and long-term debt of about $1.44 billion. It continues to hold 66.8 million MGM shares, valued at $2.47 billion, and booked a $34.0 million unrealized gain on this investment in the period.

IAC Inc. reported Q1 2026 results and detailed its transition to a streamlined structure centered on People Inc. and its stake in MGM Resorts International. Revenue fell to $422.9 million from $481.7 million, and the company posted an operating loss of $40.1 million versus income of $24.1 million a year earlier. Net loss narrowed to $71.9 million, or $0.94 per diluted share, compared with a $216.8 million loss, helped by a $34.0 million unrealized gain on MGM versus a large prior-year loss.

People Inc. Digital revenue grew 8% to $253.2 million, with Digital operating income up 56% to $27.8 million and Adjusted EBITDA up 20% to $49.9 million. Print revenue declined 16%, and Search revenue dropped 76% as IAC moves to cease Search operations, which will be treated as discontinued from Q2 2026. Emerging & Other revenue rose 10%, and these businesses swung to Adjusted EBITDA profit of $4.2 million.

IAC is consolidating corporate functions into People Inc., targeting about $40 million in annual run-rate operating expense savings and $20–$25 million less stock-based compensation, and expects $14 million of severance and related expenses in 2026. The company plans to rename itself People Incorporated and trade under Nasdaq: PPLI on or before its Q2 2026 earnings release. IAC repurchased 2.9 million shares for $111 million, bought 1.0 million additional MGM shares for $37 million and completed the sale of Care.com for net proceeds of $296 million, ending March 31, 2026 with $1.1 billion in cash and cash equivalents and $1.4 billion in long-term debt.

Vanguard Portfolio Management reported beneficial ownership of 3,610,940 shares of IAC Inc. common stock, representing 5.07% of the class. The filing states Vanguard has sole dispositive power over 3,610,940 shares and sole voting power for 19,768 shares. The report is signed by Ashley Grim on 04/29/2026.

IAC Inc. is rebranding as People Incorporated as it sharpens its focus on its People Inc. publishing business and its investment in MGM Resorts International. The name change is expected around the company’s Q2 2026 earnings in August.

To support this shift, the company has launched a consolidation plan that combines corporate functions with People through workforce reductions, technology integrations and other measures. The plan is expected to generate approximately $40 million in annual run-rate cost savings, with total anticipated costs of about $63 million, including $14 million of severance, $48 million of non-cash stock-based compensation and up to $1 million of other costs, and is expected to be completed by Q1 2027.

Leadership will also change: in connection with the plan, Executive Vice President, COO and CFO Christopher Halpin and Executive Vice President and Chief Legal Officer Kendall Handler will depart following the Q2 2026 Form 10-Q, while People CEO Neil Vogel is expected to become CEO of the company and People CFO Tim Quinn is expected to become CFO. Transition agreements provide each departing executive with one year of base salary, a discretionary 2026 bonus and full vesting of outstanding unvested equity awards upon specified qualifying termination events.