Barry Diller Drops $18 Billion MGM Resorts Takeover Plan

Barry Diller’s People Inc. has withdrawn its proposal to acquire full ownership of MGM Resorts International, ending a months-long pursuit of the Las Vegas casino operator that valued the company at more than $18 billion. The decision leaves MGM Resorts as a standalone company, with People Inc. retaining its position as the resort giant’s largest shareholder.

People Inc., the media holding company formerly known as IAC, first submitted a formal offer in June 2026 to purchase the roughly 74 percent of MGM Resorts it did not already own. The cash offer of $48.30 per share valued the casino and resort operator at more than $18 billion, including debt. At the time of the announcement, MGM shares climbed more than 11 percent in premarket trading.

The bid represented a notable departure from the company’s media portfolio, and it arrived amid a period of consolidation in the gaming sector. Industry observers noted it was the second takeover bid for a casino operator within a single week, as the industry contends with slowing consumer demand.

At the time the offer was launched, Diller described MGM as a “rare kind of business: one with real world assets that AI cannot easily replicate or disintermediate and exceptional digital growth opportunities.”

Why the Deal Collapsed

The withdrawal followed months of negotiations between People Inc. and a special committee of MGM’s board of directors. According to Diller, the two sides were ultimately unable to reach acceptable terms.

“We didn’t feel the mix was coming together in the way we had hoped,” Diller said, explaining the decision to abandon the transaction.

People Inc. holds a stake of approximately 27 percent in MGM Resorts, a position it has built over several years. The company first invested $1 billion to acquire an initial 12 percent stake in 2020, and Diller subsequently joined the MGM board, receiving a limited license from Nevada regulators in 2022.

Despite stepping away from a full takeover, People Inc. indicated that its interest in a strategic transaction has not disappeared entirely. The company remains “open to and interested” in the possibility of a future deal, according to statements following the withdrawal, while continuing to hold its substantial minority position.