People Inc. Marks 11th Quarter of Digital Growth

The Tip Desk · August 4, 2026 · 4 min read

Digital revenue rose 6% to $290 million as non-session licensing, performance marketing and advertising carried the mix.

People Incorporated (PPLI), the digital media and services company formerly known as IAC, posted Digital revenue of $290 million in the second quarter, up 6% from a year earlier, marking the 11th consecutive quarter of Digital growth.

Total revenue was $436.7 million, down 1% from $443.2 million a year earlier. People Inc. revenue was $416.7 million, down 2%. The company completed its legal name change on June 4, 2026, and began trading as PPLI.

Inside Digital, the mix shifted toward non-session work. Non-sessions-based revenue rose 16% to $125.4 million, while session-based revenue fell 1% to $164.6 million. Licensing and other revenue increased 23% to $47.0 million, performance marketing rose 13% to $68.8 million, and advertising was flat at $174.2 million.

Licensing gains came from Apple News+, content syndication partners, and the Meta content partnership signed in the fourth quarter of 2025. Performance marketing was driven by 11% affiliate commerce growth from higher transaction volumes. Advertising was flat as higher open programmatic rates offset lower impression volumes from a 22% decline in Core Sessions, primarily attributed to Google AI Overviews. Core Sessions were 1,707 million; Total Sessions were 1,891 million. Premium advertising declined on lower programmatic volume, partly offset by direct-sold growth and contributions from D/Cipher+ and the Feedfeed acquisition.

Digital operating income increased 27% to $48.7 million. Digital Adjusted EBITDA increased 18% to $74.5 million, with the margin expanding nearly 300 basis points to 26% from 23%. Total People Inc. operating income was $34 million and Adjusted EBITDA was $73 million.

Print revenue declined 16% to $132.6 million, tied to portfolio optimization and the continued migration of audience and advertising spend from print to digital. Print operating income decreased 58% to $4.5 million and Print Adjusted EBITDA declined 45% to $9.1 million.

Emerging & Other revenue increased 26% to $20.0 million. The Daily Beast rose 53% to $8.5 million, accelerating from 36% growth in the first quarter, and Vivian Health rose 12% to $11.5 million, accelerating from 8% in the first quarter. The segment swung to operating income of $2.5 million from a $9.2 million loss a year earlier, with Adjusted EBITDA of $2.9 million.

Corporate operating loss increased $17.6 million to $50.6 million, including $18.4 million in higher stock-based compensation from the consolidation of corporate functions with People Inc. Total operating loss widened to $14.3 million from $7.5 million a year earlier. Adjusted EBITDA increased 15% to $55.9 million after the company revised its Adjusted EBITDA definition in the second quarter and recast prior periods.

Net earnings were $506.9 million, or $6.68 a share, driven by a $721.7 million unrealized gain on the MGM Resorts International stake versus $307.4 million a year earlier. The company holds 66.8 million MGM shares, valued at $3.0 billion as of July 31, 2026.

The company ceased Search operations on April 30, 2026, with the expiration of its Google Services Agreement, and reports Search as discontinued operations. The board authorized an additional 10 million share repurchase; 12.5 million shares remained authorized as of July 31, 2026. The company agreed to sell its Limited Partner stake in a third-party fund for approximately $189 million, expected to close in the third quarter.

Cash and cash equivalents were $1.1 billion as of June 30, 2026, of which $330 million was held at People Inc. People Inc. long-term debt was $1.4 billion. For the six months ended June 30, 2026, net cash from operations attributable to continuing operations increased $90 million to $55.6 million and Free Cash Flow increased $79 million to $36.5 million.

Leadership changes take effect August 5, 2026, with Neil Vogel as chief executive officer and Timothy Quinn as chief financial officer; Barry Diller continues as chairman and senior executive. Consolidation of corporate functions remains on track, with estimated Corporate annual run-rate operating expense of approximately $45 million and annual stock-based compensation of approximately $30 million after completion in the first quarter of 2027.

For full-year 2026, the company expects total Adjusted EBITDA of $255 million to $290 million, with People Inc. Adjusted EBITDA of $325 million to $355 million. It expects both Digital revenue and Digital Adjusted EBITDA to grow mid-to-high single digits.