Barry Diller's IAC Extends Web Search Pact With Google


NEW YORK - Barry Diller's IAC said Monday it  has amended an Internet search agreement with Google and extended it through 2016. 

Financial terms weren't disclosed.

The deal, previously set to expire at the end of 2012, will now run through March 31, 2016.

Under the agreement, Google provides IAC's search products and network partners with sponsored listings and other search-related services. 

"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 in excess of $500 million over that period," said IAC CEO Greg Blatt. "The industry continues to grow at attractive rates, and we have every opportunity for continued growth and success."

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