A digital media and internet company built around publishing, online care, and search advertising, its best-known homes include the People magazine brand, Better Homes & Gardens, Investopedia, and the Care.com marketplace that matches families with caregivers. It grew out of a small group of TV stations Barry Diller took over in 1995, which eventually became IAC, a company famous for buying, building, and spinning out internet brands. Diller, once a TV studio chief, has said an early visit to a home-shopping channel sparked his belief that a screen, phone, and computer together could power interactive commerce.
People Inc. Digital grew 6% and net income swung to $506.9M on an MGM gain, while Search revenue vanished after Google's exit.
The Search effectively ended this quarter, its collapsing to near zero after Google's agreement expired. Total revenue fell 1.5% to $436.7 million as a 6% increase in Digital revenue partly offset a 16% decline in Print, while swung to a $506.9 million profit driven by a large on the MGM Resorts stake. IAC is now a bet on People Inc.'s digital brands and a $3.2 billion MGM position that represents 42% of total assets.
Key takeaways
Search fell to $0.1 million from $61.7 million a year ago after the Google services agreement expired on March 31, 2026, and the company expects no material revenue from the going forward.
Digital grew 6% to $289.9 million, driven by a 23% increase in Licensing and Other revenue from the Apple News+ and Meta content partnerships, and a 12% increase in Performance marketing from higher affiliate commerce volumes.
Print fell 16% to $132.6 million, with subscription revenue down 21% and advertising down 19% as the company reduced the number of issues and audiences continued to shift to digital.
Section summaries
Management's Discussion and Analysis
People Inc. Digital revenue grew 6% driven by licensing and performance marketing, while Print fell 16% amid portfolio optimization.
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Total decreased 1% to $436.7 million as a 16% decline in Print revenue to $132.6 million offset a 6% increase in Digital revenue to $289.9 million.
swung to $506.9 million from a $142.2 million loss a year ago, almost entirely due to a $520.0 million unrealized pre-tax gain on the MGM Resorts investment compared to a $179.3 million loss in the prior-year quarter.
Consolidated operating loss widened to $14.3 million from $7.5 million a year ago, as a $16.7 million increase in from the corporate restructuring plan more than offset the benefit of higher Digital .
The MGM Resorts stake grew to 66.8 million shares carried at $3.2 billion, representing 42% of total assets, with a $2 share move now equating to a $133.6 million unrealized swing.
What changed
The Search 's 76% decline flagged in Q1 2026 accelerated to a near-total collapse this quarter, with revenue falling to $0.1 million from $17.1 million in the prior quarter as the Google agreement expiration took full effect.
Digital growth decelerated to 6% from 8% in Q1 2026, though Licensing and Other revenue remained the primary driver, rising 23% on the Apple News+ and Meta partnerships.
The MGM Resorts stake increased to 42% of total assets from 36% in Q1 2026, driven by a rise in MGM's share price, and the company disclosed a non-binding proposal to acquire the rest of MGM for $48.30 per share in cash.
The corporate restructuring plan flagged in Q1 2026 continued to affect results, with rising $16.7 million due to the acceleration and modification of awards.
What to watch
Digital growth rate in Q3 2026, particularly whether the Apple News+ and Meta partnerships can sustain momentum as Google AI Overviews continue to pressure .
Any developments regarding the non-binding proposal to acquire the remaining MGM shares for $48.30 per share, including financing, regulatory, or litigation risks.
MGM Resorts share price, given the $3.2 billion stake now represents 42% of total assets and a $2 move swings results by $133.6 million.
Progress and potential financial impact of the antitrust lawsuit against Google in the ad-tech MDL, where partial issue preclusion has already been granted against Google.
Digital growth was driven by a 23% increase in Licensing and Other revenue from Apple News+ and a Meta content deal, and a 12% increase in Performance marketing from higher affiliate commerce volumes.
Print declines were led by a 21% drop in subscription revenue and a 19% drop in advertising revenue due to ongoing portfolio optimization reducing the number of issues and the broader audience shift to digital.
Consolidated operating loss widened by $6.8 million to $14.3 million, primarily due to a $16.7 million increase in from the acceleration and modification of awards under the corporate restructuring plan.
increased 15% to $55.9 million, with Digital up 18% on higher and expense , partially offset by a 45% decline in Print Adjusted EBITDA.
The Company holds $1.1 billion in cash and cash equivalents and $1.43 billion in , all of which is the liability of , and repurchased 3.5 million shares for $132.2 million during the period.
The 66.8 million MGM shares (fair-value option) represent ~42% of total assets at $3.2 billion, with a $2 share move causing a $133.6 million unrealized gain/loss.
Total debt principal is $1.43 billion, of which $1.03 billion in and carries variable SOFR-based rates.
The company holds $350 million notional in interest rate swaps maturing April 1, 2027, converting a portion of from variable to fixed under .
A 100-basis-point SOFR shift would change annual by $7.5 million, net of the swaps.
If the swaps become ineffective, changes in their fair value could materially impact future results.
People Inc. is pursuing federal antitrust and state-law claims against Google over alleged ad-tech monopolization, with no financial exposure stated.
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filed suit against Google on August 29, 2025, alleging antitrust violations in the publisher ad-server and ad-exchange markets.
The complaint asserts Sherman Act claims for monopolization, attempted monopolization, and unlawful tying, plus state-law fraud and deceptive-practices claims.
The case is part of a consolidated in the Southern District of New York, where a prior ruling precludes Google from relitigating certain liability findings.
Google moved to dismiss only the state-law claims in November 2025; that motion remains pending while the parties prepare for expert discovery.
The company seeks declaratory and injunctive relief and damages, including , but no amount or range of possible loss is disclosed.