MGM Resorts Shares Surge as Barry Diller's People Inc. Offers $18 Billion Buyout

Shares of MGM Resorts International (MGM) jumped 14% in early trading on Monday, June 1, 2026, after Barry Diller’s People Inc. proposed a takeover valued at $18 billion, including debt. People Inc. offered $48.30 per share in cash for the remaining shares of the casino and resort operator, a 24% premium to MGM’s average price over the prior 30 days. The media conglomerate already holds a 26.1% stake. In a letter to MGM’s board, Diller said his conviction in the business has strengthened and that People’s deep familiarity can enhance value. “The market materially undervalues the power and durability of MGM’s assets,” he wrote. People rebranded from IAC in late April to streamline operations, with a focus on publishing and its MGM stake. Diller noted an “excellent balance sheet” for pursuing opportunities. MGM reported improving revenue trends at its Las Vegas Strip resorts in the first quarter.