What IAC Inc. (People Inc.) told the SEC could break it.

Paper and postage are a substantial portion of print costs and are subject to price volatility from macro conditions, supply-chain disruptions, and USPS postal-rate increases.

“Paper and postage represent a substantial portion of print-related costs and are subject to price fluctuations driven by macroeconomic conditions, supply chain disruptions, and regulatory or legislative actions, including increases in postal rates by the United States Postal Service.”

IAC's investment in MGM was carried at $2.4 billion, ~34% of consolidated total assets, and its results are materially impacted by MGM share-price swings (a $2.00 move = ~$131.6M unrealized gain/loss).

“At December 31, 2025 and 2024, the carrying value of the Company's investment in MGM, which includes the cumulative unrealized pre-tax gains, was $2.4 billion and $2.2 billion, or approximately 34% and 23% of the Company's consolidated total assets, respectively.”

Print operations rely on a single subscription management provider, a single printer, and a small number of newsstand wholesalers; disruption or failure by these vendors could impair production and distribution of print magazines.

“Our Print operations also rely on a limited number of third-party vendors, including a single subscription management provider, a single printer and a small number of wholesalers for newsstand distribution.”

Evolving privacy/data-security regulation and FTC focus, cookie/pixel litigation, and subscription laws like ROSCA could raise compliance costs and constrain advertising and subscription monetization (notably People Inc. and Care.com).

“Lastly, the U.S. Federal Trade Commission (the “FTC”) continues to increase its focus on privacy, data sharing and data security practices and we anticipate this focus to continue.”