NEW YORK, April 11, 2011 /PRNewswire/ -- IAC (Nasdaq: IACI) today announced that it has amended its agreement with Google and extended it through March 31, 2016. The agreement, through which Google provides IAC's search products and network partners with sponsored listings and other search-related services, had previously been scheduled to expire at the end of 2012. The amended agreement, taken as a whole, is comparable to the previous agreement.
"Our Search business has grown meaningfully over the past five years, from $58 million in Operating Income Before Amortization in 2006 to $125 million last year, and generated pre-tax free cash flow(i) in excess of $500 million over that period," said Greg Blatt, CEO of IAC. "The industry continues to grow at attractive rates and we have every opportunity for continued growth and success."
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.
(i) Pre-tax free cash flow is defined as operating income before amortization plus depreciation less capital expenditures.
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