Barry Diller’s People Incorporated has made a move to take MGM Resorts International private, putting forward a cash offer of $48.30 a share for the stock it does not already own.
The proposal, revealed Monday (June 1), values MGM at about $18 billion including debt. If completed, it would hand People control of one of the world’s biggest gaming and hospitality operators. The bid is non-binding and will be reviewed by MGM’s board.
Last week, Caesars Entertainment board agreed to accept a $17B buyout offer from Tilman Fertitta’s company for all the Caesars properties (including four racetrack/casinos). Today it’s been reported that Barry Diller is offering $18B to buy MGM and its various properties…
— Ray Paulick (@raypaulick) June 1, 2026
People Incorporated, formerly known as IAC, already holds roughly 26.1% of MGM’s outstanding shares. Under the proposal, it would purchase the remaining shares and turn MGM into a privately held subsidiary. The company said it expects to own slightly more than 50.1% of MGM’s equity after closing, while some investors could keep minority stakes.
According to People, the offer stands 10.6% above MGM’s May 29 closing price and 24.1% above its 30-day volume-weighted average share price. At the time of writing, MGM Resort’s stock was up 15.8%.
The bid reflects Diller’s growing focus on MGM after years spent building media, internet and travel businesses. He has served on MGM’s board and steadily expanded his investment in the company since buying shares during the pandemic downturn.
MGM has become a major asset for People because of its mix of casino resorts and expanding digital operations. The company owns prominent Las Vegas Strip properties, operates regional casinos across the United States, has interests in Macau and Japan, and co-owns online betting platform BetMGM.
“We began investing in MGM nearly six years ago because we believed it represented a rare kind of business: one with real world assets that AI cannot easily replicate or disintermediate and exceptional digital growth opportunities. That conviction has only strengthened over time,” Diller said in a letter to MGM’s Board of Directors.
MGM board begins review of People Incorporated deal
MGM confirmed it received the proposal on June 1 and said directors will evaluate it with financial and legal advisers. The company stressed that shareholders do not need to take any action at this point.
“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 said.
The offer arrives during a period of major consolidation across the gaming industry. Just days earlier, Fertitta Entertainment announced a $17.6 billion agreement to acquire Caesars Entertainment, combining casino resorts, digital gaming operations and hospitality assets under one umbrella. This would create a portfolio spanning 60 gaming properties nationwide.
MGM’s recent financial results also showcased why the company remains attractive to investors. For the fourth quarter of 2025, MGM reported revenue of $4.6 billion, up 6% year over year, while net income jumped 87% to $294 million. Growth was helped by strong results in China and expanding digital operations, although investors continued to watch softer performance on the Las Vegas Strip.
People said taking MGM private could allow management to pursue long-term plans away from public market pressures. Discussions remain preliminary, and neither company has indicated that a final deal is assured.
Featured image: Christopher Peterson via WikiCommons / CC BY 3.0 / The U.S. National Archives / S. Clyde
