IAC is becoming People Incorporated. The rebranding signifies more than just a new name; it officially confirms a radically simplified investment story.
The name change is the least interesting part of this letter.
The real signal is the merger of corporate functions with People — $40M in annual savings and a structural simplification that removes the holding discount justification.
Turo and Vivian Health look like obvious next disposals.
The MGM stake at 26% is the hidden optionality most investors are still ignoring.
This feels less like a rebrand and more like Barry Diller finally simplifying the story so the market can actually value what’s left
The name change is the least interesting part of this letter.
The real signal is the merger of corporate functions with People — $40M in annual savings and a structural simplification that removes the holding discount justification.
Turo and Vivian Health look like obvious next disposals.
The MGM stake at 26% is the hidden optionality most investors are still ignoring.
The market shrugs it off...
Yes. I didn't expect anything else. From the outside it's just a rebranding.