IAC announced that it has amended its agreement with Google and extended it through March 31, 2016.
According to a release, the agreement, through which Google provides IAC's search products and network partners with sponsored listings and other search-related services, had previously been scheduled to expire at the end of 2012. The amended agreement, taken as a whole, is comparable to the previous agreement.
"Our Search business has grown meaningfully over the past five years, from $58 million in Operating Income Before Amortization in 2006 to $125 million last year, and generated pre-tax free cash flow in excess of $500 million over that period," said Greg Blatt, CEO of IAC. "The industry continues to grow at attractive rates and we have every opportunity for continued growth and success."
IAC operates more than 50 diversified Internet businesses across 30 countries.
More information:
www.iac.com
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