Letter from Barry Diller to IAC Shareholders: IAC Announces Name Change to People Incorporated

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[{"type":"text","content":"NEW YORK, April 28, 2026 /PRNewswire/ -- IAC (NASDAQ: IAC) today announced the company is changing its name to People Incorporated as it continues to sharpen its focus on its People Inc. publishing business and its investment in MGM Resorts International. The name change is expected to occur by the company's second quarter earnings in August.","length":348,"tagName":"p"},{"type":"text","content":"IAC Chairman and Senior Executive Barry Diller published a letter to shareholders today, outlining the rationale for the name change. The letter in its entirety is below.","length":170,"tagName":"p"},{"type":"text","content":"April 28, 2026","length":14,"tagName":"p"},{"type":"text","content":"Dear Shareholders,","length":18,"tagName":"p"},{"type":"text","content":"Today's news is that IAC is changing its corporate name to People Incorporated.","length":83,"tagName":"p"},{"type":"text","content":"Throughout its three decades, this company has always been opportunistic. That's the only guidewire I've ever followed, and I believe today and tomorrow's opportunities will best be held in the corpus of this new corporate name.","length":240,"tagName":"p"},{"type":"text","content":"Some backgrounding will be helpful in explaining why.","length":53,"tagName":"p"},{"type":"text","content":"I bought into little Silver King Communications in 1995. It had about $40 million in sales, and as it evolved over the next decades, we became HSN, then USA Networks, and finally, in 2003, IAC/InterActiveCorp, and then even more simply, IAC Inc.","length":245,"tagName":"p"},{"type":"text","content":"Those name changes were the result of our changing business model. We began as a string of small television stations, then merged with HSN, a home shopping channel, and a few years later bought the USA Networks and Universal Television. At HSN, we gained some expertise in ecommerce and interactive models in the primitive convergence of television screens, computers, and phones. And then came the internet revolution in 1995 and out of that a unique business model—buying, building and creating interactive business. Over the years, that has resulted in our owning and operating more than 200 companies and overseeing well over 100 minority investments.","length":660,"tagName":"p"},{"type":"text","content":"By then we were the definition of a con...

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