Barry Diller’s IAC to Cut Staff, Rebrand to People Incorporated

Home > Industry News > Business Barry Diller’s IAC to Cut Staff, Rebrand to People Incorporated The company’s layoffs, technology integration and other cost savings measures will be completed by the first quarter of 2027 Lucas Manfredi April 28, 2026 @ 6:16 AM Share on Social Media Share on Facebook Share on X (formerly Twitter) Share on LinkedIn Share on Email Barry Diller (Photo by Monica Schipper/Getty Images) Barry Diller is shaking up IAC with a rebrand to People Incorporated, a C-suite change and cost saving measures including a technology integration and a round of layoffs. The plan, which is expected to be completed by the first quarter of 2027, will result in approximately $40 million in annual run rate cost savings. IAC expects to incur $63 million in total costs, which include approximately $14 million in severance and related expenses, $48 million in non-cash stock-based compensation expense and $500,000 to $1 million in other costs. In a letter, Diller said the move is designed to “significantly reduce” the company’s overhead and give it “room and energy to be agile and opportunistic” as it focuses on two core assets: People’s publishing and our holdings in MGM Resorts. “We have an excellent balance sheet with plenty of cash to pursue opportunities. It’s possible we’ll find new arenas, that’s always an option, but for now we’ll concentrate on the two we have in front of us,” Diller said. “We’ve gone through four cycles since our founding more than 30 years ago, each one seeing opportunity in the dark. I can’t tell you where the next journey will take us but can say with confidence that the base from which we start is square on solid, and…from there…we will proceed.” Read Next Spotify Hits 293 Million Premium Subscribers in Q1 In connection with the plan, IAC’s chief operating and financial officer Christopher Halpin and chief legal officer Kendall Handler are out. People CEO Neil Vogel and CFO Tim Quinn will oversee the entire company. Diller, who will remain chairman and senior executive, said he would continue to “be an advisor, instigator, stimulus, and sometimes irritant to the process” and oversee the company’s MGM investment, which has grown from a 12% to 26% stake. In addition to People, IAC’s brands include Food & Wine, Real Simple, Southern Living, Travel & Leisure, Allrecipes, Better Homes & Gardens, InStyle, Verywell, Investopedia and Entertainment Weekly. It also owns The Daily Beast, Ask Media Group and Vivian Health. Read Next Paramount Asks FCC to Approve Middle East Investment in Warner Bros. Merger IAC’s new moves come as the company will report its earnings results for the first quarter on May 5. In the letter, Diller noted that the company is “thriving,” with strong EBITDA margins and rapid audience growth across platforms including social channels, Apple News and its live events. “We have succeeded by leveraging our knowledge and experience from across the breadth of IAC’s digital businesses and applying them to People, trying new things, not being captive to old models or a legacy approach and not being dependent on others who could disrupt our business,” he said. “I do believe we have an unlimited opportunity to build a unique new day publishing model that has no equal in its ability to grow into a large enterprise.” Read Diller’s full letter below: Dear Shareholders, Today’s news is that IAC is changing its corporate name to People Incorporated. Throughout its three decades, this company has always…

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