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

By Todd Spangler

Todd Spangler

NY Digital Editor

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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 that People Inc. did not already own for $48.30 per share in cash. The bid valued MGM Resorts at around $18 billion.

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