Barry Diller’s People Inc. Makes $18B Bid for MGM Resorts International

Merger Proposal

Billionaire online media mogul Barry Diller is planning to make a $48.30-per-share cash offer for MGM Resorts International through his company People Inc., according to reports in The New York Times. The proposed acquisition would value MGM at approximately $18 billion.

MGM Resorts International shares rose 15% in premarket trading on Monday following the announcement.

People Inc., formerly known as IAC, already holds a 26.1% stake in MGM and has two board seats, including one occupied by Diller. In April, Diller described MGM as an “extraordinary operation” in a letter to shareholders.

The billionaire investor, who has been increasing his stake in MGM since 2020, characterized the resort company as a “perfect hedge in a world that is changing so unpredictably fast.”

About Barry Diller

Diller, who founded the internet and media conglomerate IAC in 1995, has an estimated net worth of $5.2 billion. He serves as chairman of online travel giant Expedia, a position he assumed after his company acquired Liberty Expedia in a $2.6 billion deal in 019. Additionally, he developed Pier 55, a park and performance venue on New York’s Hudson River, in 2021. Diller is married to designer Diane Von Furstenberg and owns roughly one-third of her fashion company.

MGM Resorts Portfolio

MGM Resorts International operates roughly 40% of the Las Vegas Strip, including properties such as the Bellagio, MGM Grand Las Vegas, Mandalay Bay, The Mirage, Luxor, and Circus Las Vegas. The company’s regional operations span multiple states including Mississippi, New Jersey, Massachusetts, and Michigan, and it maintains casino operations in China. With $42.2 billion in assets, MGM stands as the largest casino company globally. In his April letter, Diller highlighted MGM’s strengths, noting its “compelling mix of iconic resort destinations, scalable digital platforms, premium brands, an expanding global presence, and an outstanding management team.”

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