IAC is a holding company built around two core assets: People Inc., its wholly owned digital and print publishing business, and a ~24% equity stake in MGM Resorts. IAC has historically built and spun off internet businesses — creating Match Group, Expedia, Angi, and Vimeo over its history — and is now deliberately simplified around these two holdings. People Inc. is the largest digital and print publisher in the U.S., operating over 40 brands including PEOPLE, Better Homes & Gardens, Allrecipes, Food & Wine, and Investopedia, reaching over 175 million people per month. People Inc. generates revenue through three channels: advertising (including D/Cipher, a proprietary intent-based targeting product), performance marketing (affiliate e-commerce commissions), and licensing (content deals with Apple News, OpenAI, and Meta, plus brand licensing to retailers). People Inc. also publishes 18 magazine titles and ~425 special interest publications with ~15.4 million active subscriptions. IAC also owns Care.com, the leading online marketplace connecting families with caregivers, which generates revenue through consumer subscriptions and enterprise employer benefit contracts. Smaller businesses include a declining Search segment (Ask Media Group), Vivian Health, and The Daily Beast. IAC's capital allocation priorities are share buybacks, gradually increasing its MGM stake, and small tuck-in acquisitions for People Inc. Management is also pursuing an "inversion" strategy — using People Inc.'s brand authority to launch standalone consumer products less dependent on advertising and search traffic.