New IAC’s Ad Revenue Up Thanks to Google
ADOTAS – While IAC/InterActiveCorp.’s net income was down by 13% to $52.8 million in the first quarter, the “New IAC” as it would be called after its spinoff, was up 22% to $392 million.
Media and advertising revenue drove the spike: at the New IAC, ad/media revenue grew by 28% to $215.5 million. The growth is attributed to the company’s renewed partnership with Google last year.
In an earnings call yesterday, IAC chairman and CEO Barry Diller said the spinoffs should be completed by late summer once the paperwork at the Securities & Exchange Commission is finished.
IAC will be separated into five units. The New IAC will be comprised of Ask.com, Citysearch.com, Match.com and others.
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