[IAC Q2 2025 Financial Highlights](index=1&type=section&id=IAC%20Q2%202025%20Financial%20Highlights) [Overall Performance Summary](index=1&type=section&id=Overall%20Performance%20Summary) IAC's Q2 2025 revenue declined 7% to $586.9 million, yet profitability significantly improved with positive operating income and 15% Adjusted EBITDA growth, largely due to an MGM investment gain and People Inc.'s digital revenue growth Q2 2025 Financial Performance Summary | Metric | Q2 2025 | Q2 2024 | Growth | | :--- | :--- | :--- | :--- | | Revenue | $586.9M | $634.4M | -7% | | Operating income (loss) | $0.6M | ($21.5M) | NM | | Net earnings (loss) | $211.5M | ($142.2M) | NM | | Diluted earnings (loss) per share | $2.57 | ($1.71) | NM | | Adjusted EBITDA | $51.4M | $44.8M | 15% | - Dotdash Meredith has been rebranded as People Inc., leveraging its flagship brand, with Digital revenue growth accelerating to **9% in Q2 2025** from 7% in Q1 2025[2](index=2&type=chunk)[4](index=4&type=chunk) - IAC's Chairman, Barry Diller, expressed a strong appetite to deploy cash for stock buybacks or strategic acquisitions, despite quiet capital allocation in the quarter[3](index=3&type=chunk) - IAC holds a **24% stake in MGM Resorts International**, with **64.7 million shares valued at $2.3 billion** as of August 1, 2025[5](index=5&type=chunk)[14](index=14&type=chunk) [Discussion of Financial and Operating Results](index=3&type=section&id=Discussion%20of%20Financial%20and%20Operating%20Results) [Segment Performance Overview](index=3&type=section&id=Segment%20Performance%20Overview) IAC's Q2 2025 segment performance was mixed, with People Inc. showing modest revenue growth and strong operating income, while other segments faced revenue declines but mostly saw Adjusted EBITDA growth Q2 2025 Segment Performance | Segment | Revenue (Q2 2025) | Revenue Growth | Operating Income (Q2 2025) | Adjusted EBITDA (Q2 2025) | Adjusted EBITDA Growth | | :--- | :--- | :--- | :--- | :--- | :--- | | People Inc. | $427.4M | 1% | $34.8M | $69.6M | 5% | | Care.com | $82.0M | -6% | $3.0M | $5.8M | 117% | | Search | $61.7M | -39% | $5.1M | $5.1M | 10% | | Emerging & Other | $15.9M | -20% | ($9.2M) | ($6.3M) | 3% | | Corporate | N/A | N/A | ($33.1M) | ($22.8M) | -1% | [People Inc.](index=4&type=section&id=People%20Inc.) People Inc. revenue grew 1% to $427.4 million, driven by a 9% increase in Digital revenue, offsetting a Print decline, with operating income surging 90% due to lower amortization People Inc. Revenue by Stream | Revenue Stream | Q2 2025 | Q2 2024 | Growth | | :--- | :--- | :--- | :--- | | Digital | $260.4M | $238.1M | 9% | | Print | $173.5M | $191.7M | -9% | | **Total** | **$427.4M** | **$425.2M** | **1%** | - Digital revenue growth was driven by **Advertising (+5%)** from Health, Pharma, Tech, and Travel; **Performance Marketing (+14%)** fueled by 25% growth in affiliate commerce; and **Licensing (+23%)** benefiting from content syndication, Apple News+, and a new OpenAI partnership[8](index=8&type=chunk) - Digital operating income increased **46% to $38.1 million**, primarily due to lower amortization expenses as certain intangible assets became fully amortized in 2024, while Digital Adjusted EBITDA declined 1% due to higher costs and investments[9](index=9&type=chunk) [Care.com](index=6&type=section&id=Care.com) Care.com's revenue decreased 6% to $82.0 million due to declines in Consumer and Enterprise segments, yet operating income improved to $3.0 million, largely due to the absence of prior-year legal accruals - Revenue declined **6%** due to a **9% decrease in Consumer revenue** from lower platform subscriptions and a **4% decrease in Enterprise revenue** from lower product utilization[13](index=13&type=chunk) - Operating income turned positive to **$3.0 million**, and Adjusted EBITDA grew **117% to $5.8 million**, primarily due to the absence of a $9.5 million legal accrual present in Q2 2024[13](index=13&type=chunk) [Search](index=6&type=section&id=Search) The Search segment's revenue sharply declined **39% to $61.7 million** due to reduced traffic acquisition and desktop business declines, but operating income and Adjusted EBITDA both grew **10%** through cost management - Revenue fell **39%** due to a **39% decrease at Ask Media Group** and a **41% decrease at the Desktop business**, reflecting a strategic reduction in traffic acquisition[13](index=13&type=chunk) - Despite the revenue drop, operating income and Adjusted EBITDA increased by **10% to $5.1 million**, attributed to lower traffic acquisition and compensation costs[13](index=13&type=chunk) [Emerging & Other](index=6&type=section&id=Emerging%20%26%20Other) Emerging & Other segment revenue decreased **20% to $15.9 million**, primarily from lower IAC Films revenue, while the operating loss widened to **$9.2 million** due to higher stock-based compensation - The **20% revenue decline** was primarily caused by a **$4.7 million decrease in IAC Films revenue**, while Vivian Health revenue remained flat year-over-year, an improvement from Q1 2025[13](index=13&type=chunk) - Operating loss increased by **$2.4 million to $9.2 million**, reflecting **$2.6 million higher stock-based compensation expense**[13](index=13&type=chunk) [Corporate & Other Financial Items](index=7&type=section&id=Corporate%20%26%20Other%20Financial%20Items) Corporate operating loss narrowed to **$33.1 million** due to lower stock-based compensation, while a **$307.4 million unrealized gain** on the MGM investment significantly boosted pre-tax earnings, resulting in a **23% effective tax rate** - Corporate operating loss decreased by **$3.7 million**, mainly due to **$4.0 million lower stock-based compensation expense** related to a forfeited award from the former CEO[14](index=14&type=chunk)[16](index=16&type=chunk) - IAC's investment in MGM generated an unrealized gain of **$307.4 million in Q2 2025**, a significant reversal from the $179.3 million unrealized loss in Q2 2024[3](index=3&type=chunk)[14](index=14&type=chunk) - The company recorded an income tax provision of **$63.0 million**, resulting in an effective tax rate of **23%** for Q2 2025[15](index=15&type=chunk) [Financial Position and Cash Flow](index=8&type=section&id=Financial%20Position%20and%20Cash%20Flow) [Liquidity and Capital Resources](index=9&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, IAC held **$1.1 billion in cash**, with People Inc. refinancing **$1.47 billion of debt** to extend maturities, and **9.2 million shares** remaining for repurchase - As of June 30, 2025, the company had **$1.1 billion in cash and cash equivalents** and **$1.45 billion in long-term debt**, which is an obligation of People Inc[25](index=25&type=chunk) - People Inc. refinanced **$1.47 billion of debt**, extending maturities with new term loans and senior secured notes due in 2030 and 2032[22](index=22&type=chunk)[25](index=25&type=chunk) - IAC has **9.2 million shares** remaining in its share repurchase authorization as of August 1, 2025[24](index=24&type=chunk) [Free Cash Flow](index=8&type=section&id=Free%20Cash%20Flow) IAC's Free Cash Flow for the first six months of 2025 was negative **$11.8 million**, a significant decrease from **$53.8 million** in 2024, primarily due to unfavorable working capital changes and higher capital expenditures Six Months Ended June 30 Free Cash Flow | Metric (Six Months Ended June 30) | 2025 | 2024 | | :--- | :--- | :--- | | Net cash from operating activities | ($2.7M) | $60.2M | | Capital expenditures | ($9.1M) | ($6.4M) | | **Free Cash Flow** | **($11.8M)** | **$53.8M** | - The **$65.6 million year-over-year decrease in Free Cash Flow** was mainly driven by unfavorable working capital and higher capital expenditures, partially offset by higher Adjusted EBITDA[17](index=17&type=chunk) [Outlook](index=15&type=section&id=Outlook) [Full Year 2025 Outlook](index=15&type=section&id=Full%20Year%202025%20Outlook) IAC projects full-year 2025 total Adjusted EBITDA between **$247 million and $285 million** and operating income between **$82 million and $140 million**, with People Inc. as the primary contributor FY 2025 Outlook ($ in millions) | FY 2025 Outlook ($ in millions) | Guidance Range | | :--- | :--- | | **Adjusted EBITDA** | | | People Inc. | $330 - $340 | | Care.com | $45 - $55 | | Search | $12 - $15 | | Emerging & Other | ($25) - ($15) | | Corporate | ($115) - ($110) | | **Total Adjusted EBITDA** | **$247 - $285** | | **Total Operating income** | **$82 - $140** | [Q3 and FY 2025 Additional Observations](index=15&type=section&id=Q3%20and%20FY%202025%20Additional%20Observations) IAC anticipates Q3 2025 People Inc. Digital revenue growth of **7%-9%** with Adjusted EBITDA of **$68-$73 million**, while Care.com revenue is projected to decline **4%-7%** - **People Inc.:** Q3 Digital revenue growth expected at **7%-9%**; FY 2025 Digital revenue growth expected at **7%-10%**[40](index=40&type=chunk) - **Care.com:** Q3 revenue expected to decline **4%-7%** with Adjusted EBITDA of **$6-$10 million**, which includes a $3 million real estate impairment charge[40](index=40&type=chunk) - **Search:** Q3 revenue is guided to be **$55-$65 million** with Adjusted EBITDA of **$3-$4 million**[40](index=40&type=chunk) [Detailed Financials and Supplementary Information](index=10&type=section&id=Detailed%20Financials%20and%20Supplementary%20Information) [GAAP Financial Statements](index=12&type=section&id=GAAP%20Financial%20Statements) IAC's GAAP financial statements show a shift to net earnings driven by the MGM investment, total assets of **$7.4 billion**, and a **$703.8 million net decrease in cash** for the first six months of 2025 due to financing and investing activities [Consolidated Statement of Operations](index=12&type=section&id=Consolidated%20Statement%20of%20Operations) IAC's Q2 2025 revenue was **$586.9 million**, with operating income improving to **$0.6 million**, and net earnings of **$210.6 million** primarily driven by a **$307.4 million unrealized gain** on the MGM investment Consolidated Statement of Operations ($ in thousands) | ($ in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenue | $586,928 | $634,393 | | Operating income (loss) | $575 | ($21,489) | | Unrealized gain (loss) on investment in MGM | $307,437 | ($179,284) | | Net earnings (loss) from continuing operations | $210,633 | ($144,692) | | Diluted earnings (loss) per share | $2.57 | ($1.71) | [Consolidated Balance Sheet](index=13&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, IAC's total assets were **$7.36 billion**, a decrease from year-end 2024 due to the Angi Inc. spin-off, with **$1.09 billion in cash** and **$1.41 billion in long-term debt** Consolidated Balance Sheet ($ in thousands) | ($ in thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$7,360,395** | **$9,688,644** | | Cash and cash equivalents | $1,093,866 | $1,381,736 | | Investment in MGM | $2,225,844 | $2,242,672 | | Long-term debt, net | $1,412,332 | $1,435,007 | | **Total Liabilities and Shareholders' Equity** | **$7,360,395** | **$9,688,644** | [Consolidated Statement of Cash Flows](index=14&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash used in operating activities was **$2.7 million**, investing activities used **$374.4 million** (Angi Inc. spin-off), and financing activities used **$298.7 million**, resulting in a **$703.8 million net decrease in cash** Consolidated Statement of Cash Flows ($ in thousands) | ($ in thousands) | Six Months Ended June 30, 2025 | | :--- | :--- | | Net cash (used in) provided by operating activities | ($2,691) | | Net cash (used in) provided by investing activities | ($374,421) | | Net cash used in financing activities | ($298,694) | | **Net (decrease) in cash and cash equivalents** | **($703,796)** | [Reconciliation of GAAP to Non-GAAP Measures](index=16&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) This section details reconciliations of operating income to Adjusted EBITDA, showing Q2 2025 total operating income of **$0.6 million** reconciled to Adjusted EBITDA of **$51.4 million** by adding back stock-based compensation, depreciation, and amortization Q2 2025 GAAP to Non-GAAP Reconciliation | Reconciliation for Q2 2025 ($ in millions) | Amount | | :--- | :--- | | Total Operating income (loss) | $0.6 | | Stock-based Compensation Expense | $19.5 | | Depreciation | $8.0 | | Amortization of Intangibles | $23.4 | | **Total Adjusted EBITDA** | **$51.4** | [Operating Metrics](index=10&type=section&id=Operating%20Metrics) This section details key operating metrics, highlighting People Inc.'s **9% Digital revenue growth** driven by Performance Marketing and Licensing, alongside revenue declines for Care.com and Search segments People Inc. Digital Revenue Metrics | People Inc. Revenue ($M) | Q2 2025 | Growth | | :--- | :--- | :--- | | Advertising | $161.2 | 5% | | Performance marketing | $61.1 | 14% | | Licensing and other | $38.1 | 23% | | **Total Digital** | **$260.4** | **9%** | - People Inc.'s Total Sessions decreased **5% to 2,444 million**, but Core Sessions, representing its most significant sites, increased **2% to 2,202 million**[27](index=27&type=chunk) [Dilutive Securities](index=11&type=section&id=Dilutive%20Securities) As of August 1, 2025, IAC had **80.2 million absolute shares outstanding**, with total potential dilution from equity awards estimated at **1.3 million shares**, resulting in **81.5 million total diluted shares** - As of August 1, 2025, total potential dilution from RSUs and options is approximately **1.3 million shares**, leading to a total diluted share count of **81.5 million**[30](index=30&type=chunk) - The company settles all equity awards on a net basis, with a cash withholding tax obligation of **$72.5 million** if all awards were exercised or vested on August 1, 2025[31](index=31&type=chunk) [Supplementary Information](index=19&type=section&id=Supplementary%20Information) This section defines non-GAAP measures like Adjusted EBITDA and Free Cash Flow, provides detailed operating metric definitions for key segments, and includes a Safe Harbor statement regarding forward-looking statements - Adjusted EBITDA is defined as operating income excluding stock-based compensation, depreciation, and certain acquisition-related items, serving as the company's primary segment measure of profitability[47](index=47&type=chunk)[48](index=48&type=chunk) - Free Cash Flow is defined as net cash from operating activities less capital expenditures, representing the cash generated by operating businesses[49](index=49&type=chunk) - The report contains a Safe Harbor statement outlining numerous risks and uncertainties that could cause actual results to differ from forward-looking statements, including competition from generative AI, unstable market conditions, and debt-related risks[64](index=64&type=chunk)

Group 1 - IAC will release its second quarter results after market close on August 4, 2025, and will host a conference call on August 5, 2025, at 8:30 a.m. ET to discuss these results [1] - The conference call will be accessible to the public through the investor relations section of IAC's website [1] Group 2 - IAC is a company that builds and evolves businesses, guided by curiosity and a desire to innovate or acquire new products and brands [2] - The company has developed into 10 independent, publicly-traded companies and has a history of financially-disciplined opportunism [2] - IAC's current portfolio includes category-leading businesses such as Dotdash Meredith and Care.com, along with strategic equity positions in MGM Resorts International and Turo Inc. [2]

Core Insights - The article emphasizes the importance of in-depth research in the casino and gaming sector, highlighting the availability of resources for investors [1] Group 1: Industry Overview - The casino and gaming sector is characterized by significant operational complexities and investment opportunities, necessitating specialized research and insights [1] - The House Edge provides actionable research for investing in the casino, online betting, and entertainment industries, indicating a focus on value investment strategies [2] Group 2: Expert Background - Howard Jay Klein, with 30 years of experience in major casino operations, leads The House Edge and utilizes management quality as a key factor in investment decisions [2] - Klein's extensive intelligence network spans various levels within the US gambling and entertainment sectors, enhancing the depth of research and insights provided [2]

Financial Data and Key Metrics Changes - The meeting confirmed the election of all 12 director nominees and the approval of executive compensation for 2024, along with the ratification of Ernst and Young LLP as auditors for 2025 [13]. Company Strategy and Development Direction and Industry Competition - The meeting focused on governance matters, including the election of board members and executive compensation, indicating a commitment to strong corporate governance practices [3][11]. Management Comments on Operating Environment and Future Outlook - There were no specific comments from management regarding the operating environment or future outlook during the meeting, as the Q&A session did not receive any questions [14]. Other Important Information - The annual meeting was conducted in accordance with established rules and procedures, and a quorum was confirmed for the voting process [8][12]. Summary of Q&A Session - No questions were received during the Q&A session, leading to its early conclusion [14].

Core Viewpoint - IAC Inc.'s subsidiary Dotdash Meredith Inc. is set to sell $400 million in senior secured notes to refinance existing debt and fund related expenses [1][2]. Group 1: Offering Details - Dotdash Meredith Inc. will issue $400 million of 7.625% senior secured notes due in 2032, with interest at 7.625% per annum, issued at 100% of face value [1]. - The proceeds from the offering will be used alongside a new $700 million term loan B facility and cash on hand to repay the existing $1.18 billion term loan B-1 facility [2]. Group 2: Regulatory Compliance - The offering is targeted at qualified institutional buyers under Rule 144A and non-U.S. persons outside the United States in compliance with Regulation S [3]. - The notes will not be registered under the Securities Act and cannot be sold in the U.S. without registration, except under certain exemptions [3]. Group 3: Company Background - IAC is a company focused on building and acquiring new products and brands, with a portfolio that includes Dotdash Meredith and Care.com, among others [5]. - Dotdash Meredith is recognized as the largest digital and print publisher in America, with over 150 million monthly users and more than 40 iconic brands [6].

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA guidance of $330 million to $350 million for the full year, with a trailing basis of $309 million [40][41] - Free cash flow conversion remains strong, with a minor amount of capital expenditures and working capital [41] - The company has a net credit facility of $1.2 billion to $1.4 billion and aims to deleverage below four times leverage by year-end [41] Business Line Data and Key Metrics Changes - Dotdash Meredith is the number one digital and print publisher in America, with over $1.8 billion in majority digital revenue [23] - The company has seen consistent digital revenue growth, reporting a 7% increase in the first quarter and guiding for 7% to 9% growth for Q2 [39][40] - Care.com has flat revenue over the last few years, but the company expects improvements with a new management team and better marketing strategies [47] Market Data and Key Metrics Changes - The company noted strength in premium direct advertising revenue, particularly in health and beauty sectors, while experiencing weakness in food and beverage and parts of retail [60] - Programmatic advertising prices have stabilized after initially rising, indicating a shift in market dynamics [60] - MGM Resorts is viewed as undervalued, trading at about 3.3 times the current value of its properties, with significant upside potential [44] Company Strategy and Development Direction - The company is focused on capital allocation, including stock buybacks and strategic acquisitions, while also considering opportunistic divestitures [18][54] - Management changes have been made to enhance execution and focus on free cash flow [15][16] - The company aims to unlock the perceived value of its private assets and reduce the discount at which its equity trades [13][14] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing a strong performance in direct premium advertising and a solid position heading into the latter part of the year [62] - The company anticipates some softness in Q2 and Q3 but expects relative strength in Q4, with no significant recession predicted [56] - Management highlighted the importance of resolving tariff issues to improve market conditions [62] Other Important Information - The company has a strong cash position with $900 million available at the holding company level [13] - The integration challenges faced by Dotdash Meredith have been addressed, leading to improved performance [10] - The company is actively exploring M&A opportunities across various stages and sectors, particularly in leisure, entertainment, and media [21] Q&A Session Summary Question: Can you walk through the macro environment regarding tariffs? - Management noted that there was strength in March, but volatility has since increased, with premium direct advertising remaining solid despite some weakness in other sectors [59][60] Question: Is there a path for IAC to take a controlling stake in Turo? - Management indicated that taking a controlling stake is not a priority, focusing instead on executing current opportunities [63] Question: Are there discussions with other large language model developers? - Management confirmed ongoing discussions with various developers, with OpenAI being the most advanced partner [64][65]

Group 1 - IAC will participate in the 53rd Annual TD Cowen Technology, Media and Telecom Conference on May 29, 2025, with CFO Christopher Halpin scheduled for a fireside chat at 9:05 a.m. ET [1] - A live audio webcast and replay of the fireside chat will be available to the public on IAC's investor relations website [1] Group 2 - IAC is a company that builds and evolves businesses, having emerged from a single seed over two decades ago into 10 independent, publicly traded companies [2] - The company is guided by principles of financially-disciplined opportunism and is currently comprised of category-leading businesses such as Dotdash Meredith and Care.com, along with strategic equity positions in MGM Resorts International and Turo Inc. [2] - IAC is headquartered in New York City [2]

Core Viewpoint - MGM International is considered a strong company with significant growth potential, currently trading at a bargain price [1] Group 1: Investment Perspective - The author identifies as a value investor focusing on special situations and small-cap companies, emphasizing a preference for long investment ideas [1] - The article reflects a belief in the strength of MGM as an investment opportunity, indicating a long position in the shares [1] Group 2: Background and Influences - The author's background is in engineering, with a transition to value investing influenced by notable figures such as Warren Buffett, Peter Lynch, and others [1] - The book "You Can Be a Stock Market Genius" by Joel Greenblatt has notably shifted the author's focus towards special situations and small-cap plays [1] Group 3: Engagement and Improvement - The author expresses a desire to connect with other investors and improve through feedback on their articles [1]

Summary of IAC FY Conference Call - May 14, 2025 Company Overview - **Company**: IAC - **Recent Changes**: Spun off ANGI, resulting in a new management structure with Chris Halpin as COO and CFO, and Barry Diller as Chairman and Senior Executive [3][5][6] Portfolio Composition - **Key Assets**: - Dotdash Meredith: Leading digital and print publisher with over $1 billion in digital revenue and $300 million in adjusted EBITDA [3][4] - 23% stake in MGM Resorts International, a major player in gaming [3][4] - Care.com: Leading online caregiver service [4] - 32% stake in Turo: Top car-sharing platform [4] - Vivien: Health care staffing platform [4] - Cash reserves of $900 million at IAC [4] Strategic Priorities Post-ANGI - **Focus Areas**: - **Execution**: Driving revenue growth and free cash flow across portfolio companies [9][10] - **Capital Allocation**: Share buybacks ($200 million so far), M&A opportunities, and strategic divestitures [10][11][12] - **Catalysts**: Pursuing actions that create shareholder value, such as the recent ANGI spin-off [12][13] Macro Environment Insights - **Current Economic Outlook**: Uncertainty exists, but no clear signs of an impending downturn; cautious optimism for Q4 [14][19] - **Advertising Trends**: Premium advertising remains strong, with some softness in specific categories [15][16] - **Consumer Spending**: Continued strength in performance marketing, with no significant signs of weakness [16][17] Dotdash Meredith (DDM) Insights - **Business State**: Strong performance with a diversified asset base and effective ad tech stack [20][21] - **Decipher Initiative**: A cookie-less targeting solution showing promising results, outperforming traditional methods [23][24][25] - **Direct-to-Consumer Strategy**: Transitioning traffic sources to enhance direct relationships with consumers [27][28][29] MGM Stake - **Investment Rationale**: MGM is viewed as a "forever asset" with significant embedded value; strong performance in both digital and physical assets [41][42][43] Care.com Performance - **Business Segments**: Strong growth in enterprise segment due to increased demand for backup care services; consumer segment facing challenges but expected to grow [44][45][48] Turo and Search Business - **Turo**: Leading car-sharing platform with significant growth potential; focus on increasing brand awareness [49][50][51] - **Search (Vivien)**: Stable performance with innovative use of AI in healthcare staffing [52][53] Capital Allocation Strategy - **Share Repurchase**: Ongoing buybacks and exploration of M&A opportunities, focusing on growth potential and strategic fit [54][55][56] - **Investment Philosophy**: Preference for control in acquisitions, with a focus on growth rather than short-term cash flow maximization [56][57] Future Outlook - **Strategic Clarity**: Enhanced focus on capital allocation and value creation for shareholders [58][59] - **Decipher's Potential**: Belief in the competitive advantage of Decipher as a transformative tool for advertising [60][61]

Core Insights - The future of entertainment is expected to be free for consumers, with a focus on diversity in storytelling and audience tastes, moving away from traditional Hollywood norms [2][3] - Competition in the media landscape should not dictate strategy; companies should leverage their strengths and focus on unique value propositions [5][6][9] Company Overview - Anjali Sud became CEO of Vimeo at 33 and took the company public in 2021; she is now leading Fox Corp.'s Tubi, which has seen rapid growth, reaching nearly 100 million monthly active users [3] - Tubi hosted the Super Bowl, marking a significant streaming event, showcasing its growing influence in the streaming market [3] Industry Trends - The need for more tools and space for creators is driving business strategies, with a focus on enabling diverse creators to produce high-quality content [6][7] - Understanding customer needs is fundamental for developing successful business strategies [8] Leadership Philosophy - Companies should prioritize internal debate and encourage dissenting views to foster innovation [12][13] - A balance between urgency in execution and patience in vision is essential for long-term success [15] Personal Insights from Leadership - Imposter syndrome is a common experience for CEOs, and embracing authenticity can enhance leadership effectiveness [16][18] - The importance of sleep as a key factor in maintaining productivity and managing work-life balance is emphasized [20][21] Gender and Leadership - Sud aims to create opportunities for women in leadership roles, reflecting on her own experiences as a young female CEO [22]