IAC is literally robbing Mickey Mouse to pay movie pirates
One would think that these respected industry figures would be providing independent oversight of the company. The only plausible explanation is that this distinguished group of directors had no idea the company they were supposed to oversee was profiting from piracy, and that management has succeeded in pulling a veil over their eyes over a period of many years. After all, why question a winning formula that is delivering this embarrassment of riches? "It's going to grow next year, it's almost $400 million of EBITDA or whatever it is," according to Mr. Blatt. That is IAC's plan, as long as Google is willing to tolerate their creative toolbar distribution practices. Former Google partners like Babylon have found out the hard way after losing both its Google deal and 75% of its market capitalization due to its non-compliant toolbar distribution strategy. We anticipate that IAC's most-favored nation status as a Google partner will come under intense scrutiny once the true nature of IAC's toolbar practices come to light.