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…
