Barry Diller's People Inc. Offers $48.30/Share for Remaining MGM Resorts Stake

Barry Diller’s People Inc. offered to acquire the 73.9% of MGM Resorts International (MGM) it does not already own for $48.30 per share, valuing the casino operator at $18.8 billion including debt. The bid, announced June 1, 2026, carries a 10.6% premium over Friday’s closing price. MGM shares surged 13% to $49.18, extending year-to-date gains to roughly 35%. The proposal follows Diller’s overhaul of IAC, which he renamed People Inc. in April to emphasize its publishing arm and MGM stake. Diller stated the market undervalues MGM’s physical assets—which he sees as resistant to AI disruption—and its digital growth prospects. People Inc. plans to fund the transaction with cash, new debt, and equity commitments, targeting just over 50.1% ownership post-deal alongside minority investors that may include existing MGM shareholders.