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November 4 , 2021 Dear Shareholders , IAC IAC Q3 2021 Shareholder Letter Page 1 of 9 A few weeks ago I was surprised to learn we were announcing the largest cash acquisition in IAC's history . Of course , I wasn't surprised by the Meredith acquisition , only that it was the largest amount of cash we'd ever spent at once . We've done larger acquisitions than Meredith involving stock consideration , and we've purchased companies bigger than Meredith where we began with an initial stake and less capital . But $ 2.7 billion is the most cash we've committed at once , and even though we'll fund a portion of that cash with debt , we consider the entire purchase price as cash at risk as we always expect to return borrowed capital . Given the historical milestone , an explanation is warranted . Notwithstanding the size , the purchase doesn't feel like the biggest risk we've ever taken . I don't say that because cash may be decreasing in value as we see clear signs of inflation . Nor because we've been following the iconic Meredith brands ( Better Homes & Gardens , PEOPLE , Southern Living , Food & Wine , and Allrecipes , among many others ) for so long , and considered various transactions with Meredith's management so often , that the people and the properties felt more familiar than new . Meredith doesn't feel like the biggest risk we've ever taken because the acquisition is a natural step forward in Dotdash's growth progression , where we've been steadily acquiring publishing businesses with real synergies for several years . The team at Dotdash has executed phenomenally well , growing revenue double digits for 18 straight quarters while expanding margins and generally outpacing the growth of its competitors by putting the reader's priorities first . Focused on decision - making moments ( e.g. planning a meal , a vacation , a wedding , or a financial future ) , Dotdash content has a relevant shelf - life measured not in days or hours , but months or years . The longevity of the content , combined with our scale , has allowed us to invest more in both content creation and maintenance and we expect to press