The rise of artificial intelligence has spurred global corporations to increase their spend given the potential upside for business prospects. But IAC Inc.’s Joey Levin isn’t getting distracted by the deal opportunities around the technology’s buzz alone.
(Bloomberg) — The rise of artificial intelligence has spurred global corporations to increase their spend given the potential upside for business prospects. But IAC Inc.’s Joey Levin isn’t getting distracted by the deal opportunities around the technology’s buzz alone.
“I think we’re on the sidelines — there’s some foundational platforms and technology that are far out of reach,” Levin, IAC’s chief executive officer, said in an interview from Allen & Co’s annual media conference in Sun Valley, Idaho. “But the tools are going to be used by basically all businesses and so we’re more thinking about businesses that will utilize these tools but aren’t foundational.”
Companies globally have shifted their attention to AI amid an increasing interest for the technology from enterprise clients and consumers. That’s caused a rise in investments, research and development across multiple sectors.
“AI is going to have a real impact on all businesses, and I think mostly in a positive way,” said Levin, who is also CEO of home-improvement services platform Angi Inc. “But there’s stuff you’ve got to watch out for.”
Media executives have grown wary of AI and its effects on the industry as some tools, such as generative AI, have been used to train and scrape information from publisher’s content for producing future articles, photos and audio.
Generally, IAC has remained proactive thinking about transformative deals and its M&A pipeline. In recent weeks, the company pulled its process to sell The Daily Beast, a digital publisher focused on pop culture and political news.
“We had real options,” Levin said, noting engagement from strategic and private equity buyers. “Obviously, valuation is important but finding the right home is important too. And we decided none of them were right for us at this time.”
Still, Levin said, “Every week we’re looking at something new” regarding M&A opportunities, though, “very few make it through to something we want to advance.”
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