Barry Diller Proposes $18 Billion Takeover of MGM Resorts International

Barry Diller proposed an $18 billion takeover of MGM Resorts International on June 1, 2026. His company, People Incorporated, currently owns 26.1% of MGM's outstanding common stock and intends to purchase the remaining 24.1% at a price of $48.30 per share, which would give People Incorporated just over 50.1% ownership of MGM. Diller stated that the investment was made nearly six years ago due to MGM's unique business model and potential for digital growth. He expressed confidence in MGM's management team and the opportunity to enhance the company's value. The takeover would be financed through a combination of cash and debt. Diller indicated that he would recuse himself from any board deliberations regarding the takeover and that People Incorporated would not sell its existing stake or support any alternative deals that could change control of MGM. Following the announcement, MGM Resorts shares increased by 14%.