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Barry Diller's IAC Rebranding As People Inc., Laying Off 77 ... - Deadline
Barry Diller‘s Interactive Corp. (IAC) is renaming itself People Inc. and slimming down its ranks. In a memo to employees (read it below), Diller called it an “opportunistic” move. “I believe today and tomorrow’s opportunities will best be held in the corpus of this new corporate name,” he wrote. The publishing division, which had been Dotdash Meredith after two acquisitions, was renamed People last summer. Along with the rebranding, which will take effect this summer, the company will focus on two strategic pillars: its People publishing business and a 26% stake in MGM Resorts. “We’re transitioning the necessary staff of IAC into the corpus of People,” Diller wrote. “That will significantly reduce our overhead.” The layoffs are expected to affect several dozen corporate staffers, generating $40 million in annual run-rate cost savings, the company estimates. Neil Vogel, who has been CEO of the People division, will now be CEO of the whole company. Here’s Diller’s full memo: Dear Shareholders,Today’s news is that IAC is changing its corporate name to People Incorporated.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.Some backgrounding will be helpful in explaining why.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. 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.By then we were the definition of a conglomerate. As we evolved, I came to believe that operating all these disparate entities wasn’t the optimum method and began a process of spinning them out into their own independent com...
Barry Diller - Forbes
Barry Diller founded internet and media conglomerate IAC in 1995. He remains senior executive and chairman.IAC owns print and digital publisher People Inc., website Care.com, The Daily Beast and equity stakes in companies such as MGM Resorts International and Turo.Diller is also chairman of online travel giant Expedia, which acquired its holding company, Liberty Expedia, in a $2.6 billion deal in 2019.Prior to founding IAC, he worked at ABC, Paramount and Fox and oversaw launches of hit TV shows including "Cheers" and "The Simpsons."He built Pier 55 -- named "Little Island" -- a park and performance venue in the Hudson River that opened in spring of 2021.He is married to designer Diane Von Furstenberg and owns an estimated third of her eponymous fashion company.Wealth HistoryHOVER TO REVEAL NET WORTH BY YEARForbes Lists#837#301Personal StatsAge84Source of WealthOnline media, Self MadeSelf-Made Score9Philanthropy Score4ResidenceNew York, New YorkCitizenshipUnited StatesMarital StatusMarriedEducationDrop Out, University of California, Los AngelesDid you knowDiller never graduated from college and got a job in the mail room at William Morris talent agency.Diller is the owner of the EOS yacht, one of the largest private sailing yachts in the world.In Their Own WordsWhat I really do think it takes [to have a successful communication tool, is] rolling out new product, and if that new product is good and appealing, then you'll more than likely survive and probably thrive.Barry DillerRelated People & Companies
Barry Diller's IAC to Cut Staff, Rebrand to People Incorporated
Barry Diller is shaking up IAC with a rebrand to People Incorporated, a C-suite change and cost saving measures including a technology integration and a round of layoffs.
IAC Changes Name to People Inc. in Major Shakeup by Barry Diller
The mogul will shift to executive chairman as the company focuses on two core areas: People publishing and its stake in MGM Resorts. Neil Vogel will become CEO.
