- Barry Diller's People Inc. offered to buy MGM Resorts for $48.30 per share.
- People Inc., formerly known as IAC, owns a roughly 26.1% stake in MGM.
- Diller already sits on the board of MGM Resorts and would recuse himself from board actions on the proposed deal.
Barry Diller's People Inc. has offered to buy casino giant
MGM Resorts for $48.30 per share in cash.
MGM is the company behind major Las Vegas properties including Bellagio and Aria.
Shares of MGM were up roughly 11% in early trading Monday. Shares of Diller's firm were up 2%.
Diller already sits on the board of MGM Resorts and would recuse himself from board actions on the proposed deal, he said in a
letter to the MGM board of directors.
People Inc., formerly known as IAC, owns a roughly 26.1% stake in MGM.
"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," Diller, chairman of People, said in a
news release.
"We continue to believe the market materially undervalues the power and durability of MGM's assets," he said. "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."
CNBC's
Andrew Ross Sorkin previously reported an offer could come as early as Monday.<small>Source: CNBC</small>
Business
Barry Diller's People offers to buy casino giant MGM Resorts for $48.30 per share
CNBC
June 01, 2026
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