IAC · People Incorporated

IAC Inc. is undergoing a strategic refocus by changing its name to People Incorporated, aligning with its core publishing business (People Inc.) and investment in MGM Resorts International, where it holds a 26% stake. This rebranding, announced via Chairman Barry Diller's shareholder letter (Exhibit 99.1), emphasizes digital publishing growth, including 10 straight quarters of digital revenue growth and strong EBITDA margins as of Q1 2026. The timing coincides with consolidating corporate functions into People Inc. through the Plan, which involves workforce reductions, technology integrations, and other measures to achieve $40 million in annual run-rate cost savings by Q1 2027, offset by $63 million in one-time costs ($14M cash severance, $48M non-cash stock comp acceleration/modification, $0.5-1M other). Leadership transition is central: outgoing COO/CFO Christopher Halpin ($750K base) and CLO Kendall Handler ($500K base) have Employment Transition Agreements (Exhibits 10.1/10.2) ensuring continuity through Q2 10-Q filing, followed by consulting until 2026 10-K, with rich separation packages including 12 months pay, full-year bonuses, and accelerated equity vesting upon qualifying events. Incoming CEO Neil Vogel and CFO Tim Quinn from People Inc. signal deeper integration. Investors should note forward-looking estimates are preliminary and subject to risks, with Item 7.01/Exhibit 99.1 not deemed 'filed' under Exchange Act.