IAC (NASDAQ: IAC) announced it will change its corporate name to People Incorporated by its second quarter earnings in August, according to a shareholder letter from Chairman and Senior Executive Barry Diller.

The name change reflects the company's strategic focus on its People Inc. publishing business and its 26% stake in MGM Resorts International. Diller said the company will transition necessary IAC staff into People to reduce overhead costs.

The publishing division has reported 10 consecutive quarters of digital revenue growth through the first quarter of 2026. The business operates more than 40 brands including PEOPLE, Food + Wine, Southern Living, and Travel & Leisure, publishing 250 million magazines annually while maintaining strong EBITDA margins.

Diller outlined the company's publishing strategy, which includes developing an AI ad targeting product called D/Cipher and pursuing 19 separate initiatives beyond traditional publishing models. The company aims to own products and services directly rather than licensing its brands.

IAC's investment in MGM Resorts has grown from an original 12% stake to 26%. Diller described MGM as owning 40% of the Las Vegas Strip and having operations in Macau with expansion planned in Japan.

The company was founded in 1995 as Silver King Communications with $40 million in sales and has created over $144 billion in value at peak equity prices through various business cycles and name changes, according to the announcement.

IAC has spun out 11 public entities over its three-decade history and currently maintains what Diller characterized as a strong balance sheet with cash available for future opportunities.