Barry Diller Abandons MGM Resorts Acquisition Efforts

WHO:

Deadline - Barry Diller is the Chairman of People Inc.

Variety - People Inc. is the media company controlled by Barry Diller.

WHAT:

IJR - Barry Diller’s People Inc. abandoned its roughly $18 billion bid to acquire the rest of MGM Resorts.

Deadline - Barry Diller has withdrawn a proposal to acquire full ownership of MGM Resorts.

Variety - People Inc. owns about 27% of MGM Resorts.

Variety - In June, People Inc. submitted a formal offer to acquire all outstanding shares of MGM Resorts.

WHERE:

Deadline - MGM Resorts is a casino operator.

WHY:

Variety - Barry Diller stated, “We didn’t feel the mix was coming together” regarding the acquisition bid.

HOW:

Deadline - People Inc. remains “open and interested” in potential strategic alternatives to the original transaction.

(UPDATED September 24, 2026 02:10 UTC)

Barry Diller’s People Inc. has officially abandoned its bid to acquire the remainder of MGM Resorts, which was valued at approximately $18 billion. The decision comes after extensive negotiations and market considerations. This move marks a significant shift in the landscape of entertainment and hospitality acquisitions.

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(UPDATED September 24, 2026 01:25 UTC)

Barry Diller, the Chairman of People Inc., has officially withdrawn his proposal to acquire full ownership of MGM Resorts, a casino operator in which People Inc. currently holds about 27% ownership. In June, People Inc. had submitted a formal offer to buy all outstanding shares of MGM Resorts, but Diller noted that “we didn’t feel the mix was coming together” for the acquisition bid. Despite this setback, People Inc. remains “open and interested” in exploring potential strategic alternatives to the original transaction.