IAC's shift to core businesses and asset sales aims to close valuation gap and boost stock price.

IAC is simplifying its business by focusing on People Inc. (Publishing) and MGM Resorts (Betting), aiming to reduce its conglomerate discount and align closer to fair value. The company plans to sell non-core assets like Turo and Vivian and return capital to shareholders primarily through buybacks. Deal-making remains a key strategy, potentially involving partnerships with Entain/BetMGM or Ziff Davis to grow existing operations. However, risks include economic downturns affecting advertising and consumer confidence impacting MGM's betting business.