Barry Diller’s People Inc. makes $18bn take-private offer for remaining MGM shares

Bloomberg Intelligence's Jody Lurie joins Scarlet Fu on "Bloomberg Deals." Barry Diller has made an offer for the remaining portion of MGM Resorts International he doesn’t already own, marking the latest pivot for the billionaire media mogul after overhauling IAC. (Source: Bloomberg)

Barry Diller’s People Incorporated has made a move to take MGM Resorts International private, putting forward a cash offer of… Continue reading Barry Diller’s People Incorporated seeks to take MGM private in $18B deal The post Barry Diller’s People Incorporated seeks to take MGM private in $18B deal appeared first on ReadWrite.

Today, the media mogul announced that People Inc. submitted a non-binding proposal to acquire all outstanding shares of MGM.

Barry Diller Bets Big On Real-World Assets AI Can't Replace With MGM Resorts Bid People Incorporated, formerly IAC and run by Barry Diller, has submitted a non-binding proposal to acquire the remaining MGM Resorts shares it does not already own for $48.30 per share in cash.  The latest Bloomberg data show People Inc. owns 26.1% of MGM Resorts, or about 66.82 million shares. The offer to buy the remainder would cover roughly 73.9% of MGM that is not already owned. The $48.30-per-share offer represents a 24.1% premium to MGM's 30-day volume-weighted average price, more than a 30% premium to its 90-day VWAP, and a 10.6% premium to the most recent closing price. Such a deal would value MGM Resorts at $18.8 billion, including debt MGM Resorts shares are up 15% in late morning trade.  "We began investing in MGM nearly six years ago because we believed it represented a rare kind of business: one with real-world assets that AI cannot easily replicate or disintermediate and exceptional digital growth opportunities. That conviction has only strengthened over time," Diller wrote in a statement. He continued, "We continue to believe the market materially undervalues the power and durability of MGM's assets. We believe MGM's management team is superb, and that there is a compelling opportunity to support MGM's next phase of growth and help unlock its full value." People Inc. expects MGM to go private if the deal proceeds. It would fund the transaction with cash on hand at both People and MGM, as well as additional debt and equity commitments. "People Incorporated expects that it will own just over 50.1% of the equity of the company, with other investors (which may include existing shareholders of MGM) holding minority interests. People Incorporated would control the MGM business," Diller's firm stated. News of the take-MGM-private deal comes days after Tilman Fertitta, the Texas billionaire behind Golden Nugget and Landry's, reportedly prepared a $5.7 billion takeover of Caesars Entertainment. Is Wall Street's next big trade a rush into assets AI can't easily disrupt?  Tyler Durden Mon, 06/01/2026 - 13:40

Barry Diller is making his next big move as People Inc. (previously IAC) submitted a non-binding proposal to acquire control of MGM Resorts International. The plan would be to buy outstanding MGM shares that People doesn’t already own and take the publicly-traded company private. People Inc. already holds a sizable 26% stake in MGM Resorts. […]

Focusing in on the casino operator is a sharp departure from media for Diller at a time when markets remain volatileMedia mogul Barry Diller’s People Inc said on Monday it has proposed to buy MGM Resorts, valuing the casino operator at more than $18bn.The offer comes just weeks after Diller, the digital media company’s chair, told shareholders in a 28 April letter that People would sharpen its focus on its MGM stake, calling the stock “wildly undervalued”. Continue reading...