- Vegas casino pulls plug on prediction market conference amid Nevada crackdown
May 15, 2026 · nypost.com
The Nevada Gaming Commission sued the company over its sports event contracts, and the platform was briefly barred from operating in the state earlier this year, according to Barron's.
- Casino Cancels Prediction Markets Conference. Not Everything Can Stay in Vegas.
May 14, 2026
What happens in Vegas, stays in Vegas—or so the slogan goes. An upcoming prediction market conference, Predict 2026, to be held at the Aria on the Las Vegas Strip was called off by the casino due to concerns that its gambling license could be jeopardized for hosting the conference, according to a legal notice reviewed by Barron’s. “The [Aria] is issuing this notice in light of Nevada’s current regulatory and enforcement position regarding prediction markets,” a lawyer for the Aria wrote in a letter terminating the contract between the hotel and conference organizers.
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- Global Hotels & Holiday Accommodation Sector in the Sports Sponsorship Landscape 2026 - Featuring Marriott Hotels & Resorts, Hilton, IGH Hotels & Resorts, MGM Resorts, Accor, Airbnb, and Expedia
May 13, 2026
Company Logo
Dublin, May 13, 2026 (GLOBE NEWSWIRE) -- The "Sponsorship Sector Report - Travel & Tourism - Hotels & Holiday Accommodation 2026" has been added to ResearchAndMarkets.com's offering.
This report delves into the global landscape of the hotels and holiday accommodation sector, highlighting the main active brands and recent trends in the sports sponsorship industry.
5-Year Market Review
From 2020 to 2022, the industry faced a decline but navigated a transformation towards renegotiated, digitally inclined sponsorships due to pandemic-driven disruptions. The market experienced a resurgence, peaking in 2024 alongside major events, followed by a modest normalization in 2025. This phase marks a shift towards targeted, experience-centric, and sustainable partnerships.
Analysis by Sport
Soccer reigns supreme in sponsorships, boasting vast global reach and fan engagement, making it the prime focus for many sponsors. Basketball and baseball follow with significant regional traction, while multi-sport events provide concentrated exposure opportunities within host cities.
Product Category Breakdown
Sponsorship investments are led by federations, marked by the highest total spend and average deal sizes. Venues, while also attracting substantial investments, boast strong average deal values. Events and teams command significant expenditure, although the average deal values are lower, indicative of numerous smaller-scale agreements.
Consumer Trends
The volume and value of holiday rental sponsorships are on the rise as travel behaviors evolve, with a burgeoning demand for unique experiences. Brands are strategically positioning themselves around major global sports events, enticing consumers with creative stay-plus-experience packages.
Key Product Market
North America dominates the hotels and holiday accommodation sponsorship market in 2025, leading in both deal volume and value. This is fueled by a highly competitive marketplace, robust tourism infrastructure, imminent major sports events, high consumer expenditure, and an abundance of sponsorable assets, alongside brands' eagerness to invest heavily in large-scale activations.
Leading Brands
Airbnb holds the highest global sports sponsorship expenditure, adopting a premium strategy focused on high-value, high-profile deals. Meanwhile, Marriott Hotels & Resorts boasts the most sponsorship deals throughout the sector.
Report Scope
The report offers detailed insights into the global hotels and holiday accommodation sector, emphasizing its evolution within the sports sponsorship sphere.
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Reasons to Buy
This report serves those seeking comprehensive analysis of the global performance and popularity dynamics within the hotels and holiday accommodation sector's engagement in sports sponsorship.
Key Topics Covered:
1. Key Information and Background
2. Market Insights
3. Sector Analysis
4. Case Study
5. Brand Analysis
6. Appendix
A selection of companies mentioned in this report includes, but is not limited to:
Marriott Hotels & Resorts Hilton IGH Hotels & Resorts MGM Resorts Accor Airbnb Expedia
For more information about this report visit https://www.researchandmarkets.com/r/37o73f
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood,Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
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- MGM Resorts International (MGM) Shares Fall 3.8% -- What GF Score of 82 Tells Investors
May 12, 2026 · gurufocus.com
On May 11, 2026, MGM Resorts International (MGM) shares fell 3.8% to a current price of $37.30. The stock has experienced a 52-week high of $40.94 and a low of
- A Look At MGM Resorts International (MGM) Valuation As Recent Returns Show Mixed Momentum
May 11, 2026
Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE.
Why MGM Resorts International (MGM) is on investors’ radar
MGM Resorts International (MGM) is drawing attention after recent trading, with the stock last closing at $38.79. Investors are weighing this valuation against the company’s current fundamentals and recent return profile.
See our latest analysis for MGM Resorts International.
Recent trading has been mildly positive, with a 1-day share price return of 1.78% at $38.79 and a 30-day share price return of 3.94%. The 1-year total shareholder return of 11.92% contrasts with a 3-year total shareholder return that declined 9.14%, suggesting momentum has picked up recently even though longer term results have been more muted.
If MGM’s recent move has your attention, it can be worth widening your search to other potential opportunities using the Simply Wall St screener for 18 top founder-led companies
With MGM trading at $38.79, showing mixed long and short term returns and an indicated intrinsic discount of about 55%, the key question is simple: is this a buying opportunity or is the market already pricing in future growth?
Most Popular Narrative: 38.7% Overvalued
According to the most followed narrative, MGM’s fair value sits at $27.97 compared with the last close at $38.79, setting up a clear valuation gap for investors to assess.
MGM trades at a valuation that reflects neither a pure real-estate company nor a high-growth tech platform. This hybrid positioning can confuse markets, but it also creates opportunity.
Read the complete narrative.
Curious what justifies that lower fair value against a higher share price? The narrative leans heavily on a specific mix of revenue growth, profit margins, and a future earnings multiple that treats MGM more like a hybrid platform instead of a traditional casino stock. The tension between its physical assets and digital ambitions sits at the core of the valuation story.
Result: Fair Value of $27.97 (OVERVALUED)
Have a read of the narrative in full and understand what's behind the forecasts.
However, this story can falter if MGM’s digital growth underdelivers or if higher interest rates and weaker travel demand pressure its resort-driven cash flows.
Find out about the key risks to this MGM Resorts International narrative.
Another View: Cash Flows Point the Other Way
While the most followed narrative pegs fair value at $27.97 and labels MGM as overvalued, the SWS DCF model paints a very different picture. In that view, MGM at $38.79 sits well below an estimated future cash flow value of $85.26, suggesting a wide valuation gap that investors need to interpret for themselves.
Story Continues
For anyone weighing that gap between price and cash flow valuation, it helps to understand how the SWS DCF model gets to its number and what would need to change for that gap to close or stay wide. Look into how the SWS DCF model arrives at its fair value.MGM Discounted Cash Flow as at May 2026
Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out MGM Resorts International for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 48 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.
Next Steps
Faced with such different valuation signals and a mix of risks and rewards, it makes sense to move quickly, test the data, and shape your own view using our 2 key rewards and 3 important warning signs
Looking for more investment ideas?
If you stop at MGM, you could miss other opportunities that better fit your goals, so put the Simply Wall St screener to work for you today.
Target potential mispricings by scanning for companies that look attractively valued on quality and fundamentals using the 48 high quality undervalued stocks. Strengthen your income focus by checking stocks that combine higher yields with resilient profiles through the 12 dividend fortresses. Prioritise resilience by filtering for companies with steadier risk characteristics via the 71 resilient stocks with low risk scores.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include MGM.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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- Pounds, pints, and parlays: British bookmaker Bet365 is winning in the U.S.
May 9, 2026
[Liverpool map big data visualization. Futuristic map infographic of city in England. Visual map data complexity in modern blue and orange colors]
GarryKillian/iStock via Getty Images
Bet365 celebrated the 25th anniversary of its launch this year after growing from a small British betting startup into one of the world’s largest online gambling companies. Notably, the company's U.S. expansion is beginning to show results.
Founded in 2000 by Denise Coates in Stoke-on-Trent, England, Bet365 launched its online betting platform in 2001 and quickly became known for its focus on sports betting technology, live wagering, and user-friendly features. The company is still closely controlled by the Coates family, with Denise Coates still the central figure in its ownership and strategy.
Due to its private ownership, Bet365 has moved at a strategic pace. Unlike some rivals that rushed into the U.S. market, Bet365 has expanded more gradually, state by state, building a presence in newer sports betting markets and taking market share in places such as Ohio, Kentucky, Kansas, and Maryland. The company has also been able to compete by leaning on aggressive pricing, promotions, and a strong product experience. In Missouri, the most recent state to approve sports betting in the U.S., Bet365 has generated a 7.8% market share of the total sports mobile wagers in the state since the launch date of December 1, 2025. The market share ranks behind DraftKings (DKNG [https://seekingalpha.com/symbol/DKNG]) at 37.7%, FanDuel (FLUT [https://seekingalpha.com/symbol/FLUT]) at 37.3%, and BetMGM (MGM [https://seekingalpha.com/symbol/MGM]) (GMVHF [https://seekingalpha.com/symbol/GMVHF]) at 8.6%, but ahead of Fanatics (FANA [https://seekingalpha.com/symbol/FANA]) at 3.2%, Caesars Sportsbooks (CZR [https://seekingalpha.com/symbol/CZR]) at 3.1%, Penn Sports Interactive (PENN [https://seekingalpha.com/symbol/PENN]) at 1.6%, and Circa Sports at 0.4%.
Interestingly, Bet365 had a much higher percentage of parlay wagers than its competitors, which typically have higher hold rates for online sportsbooks.
Bet365 is currently legal in the U.S. in Arizona, Colorado, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Missouri, New Jersey, North Carolina, Ohio, Pennsylvania, Tennessee, and Virginia.
While Bet365's U.S. footprint is still smaller than the share of market leaders, it has been gaining traction as it broadens its reach. The next phase for the company is expected to center on continued expansion into additional regulated states, deeper penetration in existing markets, and a push to convert growing brand awareness into sustained handle share. After withdrawing from China and selling its control of the Stoke City Football Club, there are also reports that Bet365 is considering an outright sale, a partial private equity deal, or an IPO in the U.S.
MORE ON THE SPORTS BETTING SECTOR
* DraftKings Inc. 2026 Q1 - Results - Earnings Call Presentation [https://seekingalpha.com/article/4901534-draftkings-inc-2026-q1-results-earnings-call-presentation]
* DraftKings Inc. (DKNG) Q1 2026 Earnings Call Transcript [https://seekingalpha.com/article/4901421-draftkings-inc-dkng-q1-2026-earnings-call-transcript]
* Flutter Entertainment plc (FLUT) Q1 2026 Earnings Call Transcript [https://seekingalpha.com/article/4899760-flutter-entertainment-plc-flut-q1-2026-earnings-call-transcript]
* DraftKings reaffirms $6.5B-$6.9B FY 2026 revenue while planning $200M-$300M predictions investment [https://seekingalpha.com/news/4589960-draftkings-reaffirms-6_5b-6_9b-fy-2026-revenue-while-planning-200m-300m-predictions]
* DraftKings tops Q1 expectations, points to its Super App potential [https://seekingalpha.com/news/4588914-draftkings-tops-q1-expectations-points-to-its-super-app-potential]
- Contestant Wins More Than $240,000 in Record-Breaking Prize on "The Price Is Right"
May 8, 2026 · prnewswire.com
BetMGM partnership powers largest single-game win in the show's daytime history JERSEY CITY, N.J., May 8, 2026 /PRNewswire/ -- BetMGM and Fremantle, a world leader in creating, producing, and distributing entertainment content, announced that contestant Vanesa from Virginia won more than $240,000 in cash and prizes playing the "The Lion's Share" on "The Price is Right," daytime's No.
- CONTESTANT WINS MORE THAN $240,000 IN RECORD-BREAKING PRIZE ON "THE PRICE IS RIGHT"
May 8, 2026
BETMGM PARTNERSHIP POWERS LARGEST SINGLE-GAME WIN IN THE SHOW'S DAYTIME HISTORY JERSEY CITY, N.J., MAY 8, 2026 /PRNEWSWIRE/ -- BETMGM AND FREMANTLE, A WORLD LEADER IN CREATING, PRODUCING, AND DISTRIBUTING ENTERTAINMENT CONTENT, ANNOUNCED THAT CONTESTANT VANESA FROM VIRGINIA WON MORE THAN $240,000 IN CASH AND PRIZES PLAYING THE "THE LION'S SHARE" ON "THE PRICE IS RIGHT," DAYTIME'S NO.
- MGM Resorts Stock: Is Wall Street Bullish or Bearish?
May 7, 2026
With a market cap of $9.2 billion, MGM Resorts International (MGM) is a global hospitality and entertainment company best known for operating luxury casino resorts, hotels, and live entertainment venues. Headquartered in Las Vegas, Nevada, MGM owns a portfolio of iconic properties concentrated on the Las Vegas Strip and in major regional and international gaming markets. Its flagship resorts include Bellagio, MGM Grand, ARIA Resort & Casino, The Cosmopolitan of Las Vegas, and Mandalay Bay Resort and Casino.
Shares of the company have lagged behind the broader market over the past 52 weeks. MGM stock has soared 21.6% over this time frame, while the broader S&P 500 Index ($SPX) has increased 31.4%. In addition, shares of the company are up 4.7% on a YTD basis, compared to SPX’s 7.6% rise.
More News from Barchart
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Looking closer, shares of the casino and resort operator have outperformed the State Street Consumer Discretionary Select Sector SPDR ETF’s (XLY) 21.4% return over the past 52 weeks.www.barchart.com
On Apr. 29, MGM Resorts reported its FY2026 Q1 earnings, and its shares declined 1.2%. It posted revenue of $4.45 billion, up 4.2% year over year, driven by strong growth in MGM China, digital operations, and BetMGM. Revenue from MGM China climbed 9%, while MGM Digital surged 43%, highlighting continued momentum in online betting and gaming. However, profitability came under pressure as adjusted EPS fell 40.8% year over year to $0.49 and adjusted EBITDA declined 8.9% to $590 million due to higher operating costs, weaker Las Vegas margins, and softer tourism demand.
For the fiscal year ending in December 2026, analysts expect MGM’s adjusted EPS to decrease 39.6% year over year to $2. The company's earnings surprise history is mixed. It beat the consensus estimates in two of the last four quarters while missing on two other occasions.
Among the 22 analysts covering the stock, the consensus rating is a “Moderate Buy.” That’s based on eight “Strong Buy” ratings, 11 “Holds,” and three “Strong Sells.”www.barchart.com
On May 1, Jefferies downgraded MGM Resorts International from “Buy” to “Hold” and cut its price target to $44 from $50, citing concerns about the company’s business structure and limited long-term growth visibility. While the firm praised management’s execution, it flagged MGM’s operating and property company setup as a potential risk to sustainable earnings growth.
Story Continues
The mean price target of $44.21 represents a premium of 15.7% to MGM's current price. The Street-high price target of $59 suggests a 54.4% potential upside.
On the date of publication, Kritika Sarmah did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com
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- IAC Q1 Earnings Call Highlights
May 5, 2026
IAC logo
Key Points
IAC is simplifying into a single public company (rebranded as People Inc.), cutting overlapping corporate layers with expected annual run-rate savings of $40 million in operating expenses and $20–25 million less in stock-based comp, one-time costs of $63 million, and a leadership transition (Halpin and Handler to depart mid‑August; Vogel and Quinn to become parent CEO and CFO). People Inc. posted solid digital momentum — 8% digital revenue growth (its 10th consecutive quarter), digital adjusted EBITDA margin expanded to 20%, off‑platform audiences grew 27%, and non‑sessions revenue rose 24% to represent 41% of digital revenue as the company scales new product and commerce initiatives. Capital allocation is prioritized to buybacks and MGM exposure: IAC generated $296 million from the Care.com sale, repurchased $111 million of stock since the last call (2.9M shares) and boosted its MGM stake to 26% (additional 1M shares for $37 million), while flagging a possible future dividend and a much smaller M&A agenda. Interested in IAC Inc.? Here are five stocks we like better.
4 Golden Crosses With Double-Digit Upside Ahead
IAC (NASDAQ:IAC) used its first-quarter 2026 earnings call to outline a simplified corporate structure and a sharper focus on two primary assets: People Inc. and its stake in MGM Resorts. Christopher Halpin, IAC’s COO and CFO, was joined by Chairman and Senior Executive Barry Diller, People Inc. CEO Neil Vogel, and People Inc. CFO Tim Quinn, who discussed operating trends at People Inc., capital allocation priorities, and a consolidation plan intended to reduce overlapping corporate costs.
People Inc. posts digital growth and margin expansion
Vogel said People Inc. delivered “a very solid quarter,” with 8% digital revenue growth, marking its 10th consecutive quarter of growth. He added that digital adjusted EBITDA margins expanded to 20% from 18% in the year-ago period.
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Vogel emphasized that People Inc.’s performance was supported by a diversified audience and revenue mix and an increasing shift toward “off-platform audiences.” On slide six, he said core web sessions remain challenged and Google Search traffic “declined as expected,” with the company expecting that trend to continue. However, he noted that off-platform audiences grew 27% in the quarter across channels including Apple News, TikTok, Instagram, YouTube, and syndication partners.
He also highlighted growth in “non-sessions-based” revenue, which he said increased 24% year-over-year and rose to 41% of digital revenue from 35% a year earlier. Vogel attributed that performance to D/Cipher, social and custom ad programs, Apple News, and licensing—specifically mentioning the addition of a Meta deal.
Story Continues
Product launches and “inversion projects” expand beyond publishing
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Vogel said People Inc. continued investing in new products and services, including what the company calls “inversion projects”—businesses built from its brands that “extend and transcend traditional publishing models.” He cited traction in MyRecipes and its Recipe Locker tool, the People app, and InStyle’s social series “The Intern” and “The Boss.”
Among the metrics shared on the call:
Recipe Locker has 3.5 million registered users and 40 million recipes saved, according to Vogel. The People app reached 430,000 users since the prior call, and Vogel said app visits are about three times as long as web visits, with games driving roughly 20-minute visits. InStyle’s “The Intern” generated 45 million views across episodes over about a year, with sponsorship revenue attached to seasons of content, management said.
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Vogel said the company expects to roll out in the second quarter a membership club for Southern Living “super fans,” with plans to follow with a similar program for Food & Wine. He also described an upcoming “social shopping tool” based on learnings from the company’s commerce business.
Diller and Vogel discussed additional brand extensions under Southern Living, including a “Southern Living Sweet Tea” product and a business selling architectural plans for Southern-style houses. Diller also raised the possibility of developing a branded “Southern Living” housing community, describing these as examples of initiatives that could become standalone businesses.
People Inc. financial update, segment reporting change, and guidance
Quinn said People Inc. generated “really solid and predictable free cash flow of almost $50 million in the quarter,” and said the company remained on track to exceed $150 million in free cash flow for the year. He noted net debt of about $1.1 billion and said the company felt good about its balance sheet and ability to deleverage.
Quinn also said print EBITDA declined as expected and reiterated the expectation that full-year print EBITDA will cover People Inc. overhead, “excluding the estimated $15 million of Google litigation expense.”
On segment reporting, Quinn said People Inc. reclassified a legacy media agency business called M&I from print to digital because it now operates under the D/Cipher team. He said the move creates opportunities to distribute D/Cipher through independent agencies and political advertisers and to improve product performance and margins. Quinn added that People Inc. historically has not run political ads on its branded properties, but can target political ads on third-party sites using D/Cipher.
The reclassification created “about a 200 basis points drag” on reported Q1 digital revenue growth, Quinn said, noting growth would have been 10% rather than 8% absent the change. Still, he said guidance was unchanged, reiterating expectations for mid- to high-single-digit digital revenue growth and total company adjusted EBITDA of $310 million to $340 million.
IAC simplification: Care.com sale, Search shutdown, and rebrand plan
Halpin said IAC completed the sale of Care.com in March, generating $296 million in net proceeds, and noted Care.com is now classified as a discontinued operation in the consolidated financials. He suggested that this accounting shift contributed to confusion in market reactions to IAC’s reported results and guidance.
Halpin also said IAC shut down its Search segment operations in April after Google notified the company it would not renew its search contract under the existing terms. After negotiations, IAC determined it could not “confidently operate the business profitably” under the new terms. The shutdown resulted in $7 million in costs tied to severance and the write-off of prepaid software. Search will be classified as a discontinued operation starting in the second quarter.
Separately, Halpin said IAC sold an unutilized domain name for $7.5 million and will evaluate monetizing other domains, including Ask.com.
Halpin also detailed a consolidation of corporate functions tied to IAC’s planned rebrand as People Inc. He said that with People Inc. as the primary operating business and MGM Resorts as the other major asset, “two layers of corporate expense” no longer make sense. The company expects the transition to run through February 2027, with projected annual run-rate savings of $40 million in operating expenses and $20 million to $25 million less in stock-based compensation. One-time expenses are expected to total $63 million (including $15 million in cash severance and related expenses, and $48 million in stock-based compensation expense).
Halpin said he and Chief Legal Officer Kendall Handler plan to leave in mid-August after the second-quarter filing, remaining as advisors through March 2027. He added the company expects Vogel to become CEO of the parent company (newly renamed People Inc.) and Quinn to become CFO around the same mid-August timeframe.
Capital allocation: buybacks, MGM, and potential dividend
Halpin said IAC repurchased 2.9 million shares for $111 million since the prior earnings call, bringing total repurchases to 13% of IAC shares since the beginning of 2025. He also said IAC purchased an additional 1 million shares of MGM for $37 million, lifting IAC’s ownership to 26%.
Diller said the company intends to continue opportunistically buying back shares and investing in MGM. He also addressed questions about dividends, saying, “I hope, as we build up cash, I think we should be a dividend-paying operation,” adding that he would “expect that to happen in the future.” On M&A, Diller said the company is “not that anymore,” noting IAC is collapsing a previously large M&A group into a “very small” one and expects investments to be primarily inside People’s operations.
On MGM, Diller said he views its prospects as “outstanding,” pointing to a large resort project in Japan that he described as a $12 billion development expected to open around 2029 or 2030. He also commented on Las Vegas demand cycles and mentioned reduced visitation from Canada as a current headwind, attributing it to U.S. policies and other one-time factors.
On Turo, Halpin said the company returned to double-digit revenue growth in the first quarter, led by volume increases, after experiencing a slowdown following the pandemic. Diller said he previously leaned toward selling the stake but described the business as “now performing very well,” adding that unless a buyer “throws a big old brick on our table,” IAC would keep the interest as it grows and potentially see it go public or be acquired later.
In closing comments, Diller and Halpin returned to concerns about market misunderstanding following the Care.com discontinued-operations presentation, with Diller saying he hoped the company could “straighten out these numbers” so that the quarter would not be “misinterpreted as something other than” a strong period.
About IAC (NASDAQ:IAC)
IAC (NASDAQ: IAC) is a publicly traded holding company headquartered in New York City that builds and invests in consumer-focused internet businesses. Through its portfolio of digital media brands, online marketplaces and subscription services, IAC delivers content and connections across a range of verticals, including lifestyle, finance, home services and personal care. The company's operations span North America and parts of Europe, where its brands reach millions of visitors each month.
In the digital publishing space, IAC's Dotdash Meredith division develops original content and data‐driven journalism across more than a dozen specialty sites.
The article "IAC Q1 Earnings Call Highlights" was originally published by MarketBeat.
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