Barry Diller, one of the most influential figures in media and technology, is making headlines again.
His company, People Inc. (formerly IAC), has offered to buy the rest of MGM Resorts International—one of the biggest names on the Las Vegas Strip. If the deal goes through, it would give Diller control of a major global casino and entertainment powerhouse.
In an email sent to Action Network, MGM wrote: "MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") confirms that it received an offer today from People Incorporated (f/k/a IAC) to acquire all of the outstanding shares of the Company that it does not already own for $48.30 per share in cash. The Company's Board of Directors, in consultation with its financial and legal advisors, will carefully review and consider the proposal to determine the course of action that it believes is in the best interests of the Company and all of its shareholders. MGM Resorts shareholders do not need to take any action at this time."
This proposal is still in its early stages and non-binding, but it has already shaken up the gaming industry and sparked big questions about what comes next. The news comes in the wake of a very positive online casino report.
Who Is Barry Diller?
He is an American billionaire media mogul, businessman, and executive known for his influential roles across traditional Hollywood, television, and digital media over more than six decades.
He earned the nickname "Killer Diller" for his aggressive, sharp deal-making style.Digital and IAC Era (1990s–Present)In the 1990s, Diller pivoted to interactive media. He led QVC (home shopping), then built IAC (InterActiveCorp, rebranded as People Inc. in 2026) into a major digital holding company. IAC has incubated or owned stakes in dozens of brands, including:
- Expedia (travel)
- Match Group (dating, including Tinder)
- Vimeo
- HomeAdvisor
- Ask.com
- The Daily Beast
- People publishing (its current publishing focus)
He has served as Chairman and Senior Executive of IAC (and its predecessors) since the mid-1990s and remains in that role (shifting to a more executive chairman position in recent restructuring). He is also Chairman and Senior Executive of Expedia Group.
IAC rebranded to People Inc., narrowed to its People publishing business, and acquired a significant stake in MGM Resorts International (where Diller serves on the board and has pushed for greater involvement, including the recent buyout proposal).
What Barry Diller Is Proposing
People Inc. already owns 26.1% of MGM, including two seats on the board. Diller wants to buy the remaining 73.9% for $48.30 per share in cash. This values MGM at over $18 billion, including debt.
The offer represents a 10.6% premium over MGM’s recent stock price and a 24% premium over its 30‑day average. Funding would come from cash, debt, and equity commitments.
Diller has been bullish on MGM for years. He first invested during the pandemic, calling the company “wildly undervalued” and praising its mix of iconic resorts, strong leadership, and fast‑growing digital business.
1. World‑Class Resorts
MGM owns some of the most famous properties on the Las Vegas Strip and across the U.S. These resorts generate steady cash flow and have strong brand power.
2. BetMGM: A Digital Growth Engine
BetMGM, MGM’s online sports betting and iGaming platform, is one of the biggest reasons Diller sees long‑term value.
- $2.8 billion in 2025 revenue
- Positive EBITDA
- Top‑3 market position in the U.S.
- 20–21% share in iGaming, the fastest‑growing part of the market
BetMGM gives MGM a strong foothold in the digital future of gambling.
3. A Chance to Shape the Future of Online Gaming
If Diller gains control of MGM, he also gains major influence over BetMGM’s direction—something analysts believe could unlock even more value.
Why BetMGM Matters So Much
BetMGM is a 50/50 joint venture between MGM Resorts and Entain. It has become a key part of MGM’s strategy because:
- iGaming has higher margins than physical casinos.MGM can cross‑sell between resorts and online platforms.
- Digital revenue is less dependent on tourism cycles.
- The U.S. market for online betting is still expanding.
Analysts say BetMGM’s value is not fully reflected in MGM’s stock price—another reason Diller sees an opportunity.
How the Market Reacted
When the news broke, MGM’s stock jumped sharply, with intraday gains of 10–15% or more. In fact, shares traded above the offer price, which suggests investors think:
- A higher bid might come later, or
- Other buyers could enter the picture.
Either way, the market clearly believes MGM is worth more than it was trading for before the announcement.
What Happens Next?
Deals like this take time. MGM’s board will now:
- Review the proposal
- Consider MGM’s long‑term value
- Evaluate regulatory hurdles
- Decide whether to negotiate
Because gaming is heavily regulated, any acquisition would require approval from multiple state gaming commissions. That process alone can take months.
There is no guarantee the deal will close.
Why This Move Matters
Barry Diller has a long history of spotting value early—whether in media, digital platforms, or technology. His interest in MGM shows he believes:
- Las Vegas resorts still have huge long‑term potential
- Digital gaming will keep growing
- MGM’s combination of physical and digital assets is rare and undervalued
If the deal succeeds, it could reshape the future of both MGM and the broader casino industry.
