IAC to rebrand as People Inc., cut staff, and consolidate operations
Updated
Updated · The Wall Street Journal · Apr 28
IAC to rebrand as People Inc., cut staff, and consolidate operations
13 articles · Updated · The Wall Street Journal · Apr 28
The company will implement the name change in August, reduce its workforce, and expects $40 million in annual cost savings, incurring $14 million in severance and $48 million in stock-based compensation costs.
CEO Neil Vogel and CFO Tim Quinn will lead the new entity, while Christopher Halpin and Kendall Handler will depart. The restructuring aims to streamline digital publishing and focus on IAC's growing 26% stake in MGM Resorts.
Chairman Barry Diller describes the strategy as a hedge against unpredictable industry shifts, combining online media with MGM's physical operations. The cost-cutting initiative is projected to complete by early 2027.
Is Barry Diller's MGM bet a brilliant hedge or a desperate gamble for the new People Inc.?
After creating $144 billion from spin-offs, is this IAC's final transformation or another chapter?
What is the plan to merge a media audience with casino operations beyond just financial hedging?
With 77 roles cut, is People Inc. sacrificing future leaders for short-term savings?
How will People Inc.'s AI ad technology reshape the battle for digital advertising dollars?