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Barry Diller withdraws proposal to acquire full ownership of MGM Resorts

In brief

People Inc., the media company controlled by Barry Diller, has withdrawn its proposal to acquire the remaining shares of MGM Resorts International. People Inc. will retain its approximately 27% stake in the casino operator. The company has said it remains open to potential future opportunities involving MGM Resorts.

Summary written by HeraldLoop from 4 sources · updated 9h ago

What changed

  1. 11h agoBarry Diller Drops $18 Billion MGM Resorts Takeover Plan · The Hollywood Reporter
  2. 11h agoBarry Diller Drops Bid to Acquire MGM Resorts: ‘We Didn’t Feel the Mix Was Coming Together’ · Variety
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Chronological coverage

  1. Today
  2. Latest6h ago

    Barry Diller Withdraws MGM Resorts Bid Worth $18 Billion

    People Inc. walked back its takeover bid but emphasized confidence in MGM, with Barry Diller open to a “range of alternatives.”

    Skift AirlinesSkift Airlines•Bailey Schulz
  3. Yesterday
  4. Follow-up10h ago

    Barry Diller Drops Bid To Acquire Full Control Of MGM Resorts

    People Inc. Chairman Barry Diller has withdrawn a proposal to acquire full ownership of MGM Resorts. The media company will retain its 27% stake in the casino operator, he said in a statement Wednesday, though it remains “open and interested” in potential strategic alternatives to the original transaction. “There are lots of ingredients that go […]

    DeadlineDeadline•Dade Hayes
  5. Follow-up11h ago

    Barry Diller Drops Bid to Acquire MGM Resorts: ‘We Didn’t Feel the Mix Was Coming Together’

    People Inc., the media company controlled by Barry Diller, is scrapping its proposed bid to acquire MGM Resorts International. People Inc. (which changed its name from IAC this spring) owns about 27% of MGM Resorts. In June, the company submitted formal offer for the hotel and online-gaming operator to acquire all outstanding shares of MGM […]

    VarietyVariety•Todd Spangler
  6. First seen11h ago

    Barry Diller Drops $18 Billion MGM Resorts Takeover Plan

    The mogul's People Inc had proposed to buy all shares in the Las Vegas casino giant that it didn't currently own.

    The Hollywood ReporterThe Hollywood Reporter•Erik Hayden