• by Ray Schultz , Yesterday

People Inc., known until last week as Dotdash Meredith, posted a 1% increase in Q2 revenue YoY to $427.4 million. 

This rise was driven by 9% growth in digital revenue to $260.4 million. Print fell by 9% YoY to $173.5 million. 

These results helped IAC, which suffered a 7% decrease in revenue, register net earnings of $211 million. 

“IAC’s second quarter earnings turn the page to a new era for the industry-leading People Inc., a name that fits the way good names should: effortlessly and intuitively,” says Barry Diller, chairman and senior executive, IAC. 

Diller adds, “With seven consecutive quarters of digital revenue growth, People Inc. continues to build and innovate, backed by premier brands, superior technology and unmatched scale.” 

Looking forward, IAC expects People Inc. to achieve digital revenue growth of 7%-9% Q3 and a 7%-10% increase for the full year. 

IAC is also pursuing debt reduction and investment. 

“We may have been quiet on capital allocation this quarter but don’t mistake silence for inertia,” Diller says. "Our appetite to put our cash to work is as strong as ever, be it buying back more of our stock or going after new strategic fits that emerge.” 

On another front, MGM Resorts International, in which IAC owns a 24% stake, reported a 2% increase in consolidated net revenues for Q2 to $4.4 billion. 

IAC announced last week that Dotdash Meredith would be rebranded as People Inc. Besides its namesake, People magazine, the company runs such titles as Food & Wine, Travel + Leisure, Allrecipes, Better Homes & Gardens, InStyle, Verywell, Entertainment Weekly, and Southern Living.