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Barry Diller Drops $18 Billion MGM Resorts Takeover Plan
The Hollywood Reporter • • business
Key Points:
- Barry Diller's People Inc has abandoned its $18 billion bid to take MGM Resorts International private, citing an unfavorable mix of deal components.
- Despite the withdrawal, People Inc retains a 27% stake in MGM Resorts, expressing confidence in the company's management and future prospects.
- MGM Resorts, led by Bill Hornbuckle, operates major Las Vegas properties and is expanding its online sportsbook BetMGM amid a competitive digital gambling market.
- Diller initially viewed MGM as a resilient "AI proof" investment in real-world entertainment assets amid tech-driven disruptions in media.
- MGM's board confirmed ongoing discussions but decided to continue as an independent entity rather than merge with Diller's media-focused People Inc.
