People Inc, led by chairman Barry Diller, offered to buy MGM Resorts for more than $18 billion, valuing the company at $48.30 per share in cash, a roughly 10.6% premium over recent prices. The announcement came on June 1, 2026, and sent MGM shares up 10% to 15% in premarket trading that day [1, 2, 3].
People Inc owns about 26.1% of MGM shares and was formerly known as IAC before being renamed in April 2026 [1, 2, 3]. Barry Diller, worth an estimated $5.2 billion and chairman of Expedia, started acquiring MGM stock during the COVID-19 pandemic. He called MGM's stock "wildly undervalued" in an April 28 letter to shareholders and described MGM as an "extraordinary operation" and a "perfect hedge in a world that is changing so unpredictively fast" [1, 3].
MGM Resorts is the largest casino company globally with $42.2 billion in assets [3]. It controls marquee casinos accounting for roughly 40% of the Las Vegas Strip [1, 3]. Recently, MGM has focused on growth from its China properties and digital operations amid the changing gaming landscape [1, 3].
Diller sits on MGM’s board but plans to recuse himself from any vote related to the offer to avoid conflicts of interest [2, 3]. The proposed acquisition would come amid a wave of casino consolidations, following hospitality billionaire Tilman Fertitta’s recent $17.6 billion deal to acquire Caesars Entertainment [1].
People Inc’s cash offer of $48.30 per share values the transaction at over $18 billion, exceeding Caesars’ takeover deal by $400 million [1, 2, 3]. The proposal now awaits review and approval from MGM’s board and shareholders.
