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IAC says June digital revenue at media arm hit by weak advertiser demand

·1 min read

(Reuters) - IAC/InterActiveCorp said on Wednesday June digital revenue at its media arm Dotdash Meredith was impacted by softening advertiser demand, as well as site migrations delays and sales force integration.

Several digital platforms, including Alphabet Inc and Snap Inc, have warned of pressure from inflation, the Ukraine war and the end of a COVID-induced lift to advertising after unprecedented revenue growth last year.

Dotdash Meredith, which was formed after IAC's unit bought Meredith Corp last year in a deal valued at about $2.7 billion, saw its digital revenue grow 207% in June, compared to a 225% rise in May. (https://bit.ly/3RHZeXE)

IAC, however, said its largest unit and homeservice business, Angi Inc, saw accelerating growth in June driven by its Ads and Leads business due to normalizing supply and demand dynamic.

(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shailesh Kuber)