IAC, Ben Silverman Announce Partnership

IAC, Ben Silverman Announce Partnership

New Business to Produce, Distribute Content for Web, TV and Other Platforms Globally Utilizing Proprietary Marketing Expertise

NEW YORK, July 27 /PRNewswire-FirstCall/ -- IAC (NASDAQ:IACI) and media entrepreneur Ben Silverman today announced that they are forming a new company to capitalize on the ever-evolving world of multimedia production and distribution, leveraging unique marketing expertise. The company, which will be headed by Ben Silverman, will unite producers, creators, advertisers and distributors under one roof and produce all forms of content for distribution across a variety of platforms around the world.

This will be the industry's first global platform that connects advertisers, distributors and content creators early on in the development process, enabling advertisers to be a partner in campaigns and content creation.

"This new venture will take full advantage of all areas of Ben Silverman's extensive media expertise - as an agent, producer and advertising innovator - to create a truly integrated and truly interactive new media production entity, a next generation enterprise that bridges the gap between traditional television and the internet," said Barry Diller, IAC Chairman & CEO.

Already a pioneer in pushing the boundaries of the media industry, as evidenced most recently by Silverman's work as Co-Chairman of NBC Entertainment - bringing advertisers into the process further upstream resulting in integrated campaigns and better content - this venture will leverage Silverman's unique expertise and break the current silos of the media industry to create a broad-based, 360-degree, multi-creative company. The new company will aim to go further than the industry has gone before, by bringing marketing and advertising expertise in-house to help advertisers sponsor, support and be involved with the content creation process from the beginning.

"Media is being consumed across an increasing number of platforms, including TV, the internet, mobile, and DVR. The next generation of media will be defined by the players who can capitalize on those trends and deliver integrated, compelling content across all platforms," said Silverman. "Uniting advertisers and content creators will fundamentally improve quality and enable a fluid production and distribution model."

NBC Universal will continue to have a relationship with Mr. Silverman via the new venture through platform partnerships and a potential investment in the enterprise.

IAC will provide initial capital to the venture, though the parties intend to ultimately structure the venture in a way that its results will not be consolidated with the financial results of IAC, whether through the participation of new investors or otherwise. Additional terms of the venture are not being disclosed.

About Ben Silverman

Silverman is executive producer of the Emmy Award-winning NBC comedy "The Office" and the Golden Globe-winning comedy "Ugly Betty," is co-creator and executive producer of hit reality show "The Biggest Loser" for NBC as well as an executive producer and co-creator of the critically acclaimed "The Tudors" for Showtime. In 2003, he redefined advertiser-supplied programming by joining with Interpublic Group to produce "The Restaurant," and Bravo's "Blow Out," with both shows fully financed by context-relevant advertisers.

Ben Silverman has served as Co-Chairman, NBC Entertainment and Universal Media Studios since June 2007. Responsible for directing the efforts of NBC Universal's television operations, Silverman transformed the business model by connecting advertisers and consumers through content in a more profound way. Initiating the first of two Infronts, he rebranded the Upfront and enabled a two way conversation between media companies and advertisers. This fall will be Ben's first non-strike-interrupted slate and will build on the critical and bottom-line success he had with "30 Rock," "Late Night with Jimmy Fallon," "Saturday Night Live," "The Biggest Loser," "Celebrity Apprentice" and "The Office" as well as the upcoming "The Jay Leno Show" which Ben championed and directly addresses the challenges facing broadcast TV with a topical DVR-proof show.

Prior to NBC Universal, Silverman, in March 2002, launched Reveille, a production and distribution company focusing on exploiting worldwide intellectual property rights through scripted and alternative television formats. The company leveraged Ben's relationships with the world's top broadcasters and producers to acquire, produce and distribute entertainment programming across all television genres. He made Reveille the world leader in creating integrated marketing opportunities for advertisers and developing alternative financing paradigms for the television business.

Previously, Silverman was in charge of the international packaging division at the William Morris Agency (WMA), where he packaged more than 25 television series that encompassed over 500 produced episodes, including "Who Wants to Be a Millionaire," "The Weakest Link," "Big Brother," and "Queer as Folk." He also led WMA's New York consulting branch, representing brand names such as Maxim, InStyle, eBay and Anheuser-Busch, and focused on extending those brands into alternative and traditional media outlets. Prior to William Morris, Silverman was vice president for New World/Marvel Entertainment, where he developed sitcoms and envisioned live-action projects for film and television. Previously, he also held posts at CBS and Warner Bros.

About IAC

IAC operates more than 50 leading and diversified Internet businesses across 30 countries... our mission is to harness the power of interactivity to make daily life easier and more productive for people all over the world. To view a full list of the companies of IAC please visit our website at www.iac.com.

   Contact Information:   IAC Communications                        IAC Investor Relations   Stacy Simpson/ Leslie Cafferty            Eoin Ryan   (212) 314-7470 / 7280                     (212) 314-7400  

First Call Analyst:
FCMN Contact:

Source: IAC

CONTACT: Stacy Simpson, +1-212-314-7470, or Leslie Cafferty,
+1-212-314-7280, both of IAC Communications; or Eoin Ryan of IAC Investor
Relations, +1-212-314-7400

Web Site: http://www.iac.com/

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Profile: International Entertainment