Barry Diller Withdraws Roughly $18 Billion Bid for MGM Resorts

According to Skift, Barry Diller's People Inc. has withdrawn its proposal to acquire MGM Resorts International, a potential deal valued at roughly $18 billion. People Inc., formerly known as IAC, holds a 27% stake in MGM and had been preparing a bid to buy the remaining shares. Diller, People's chairman and senior executive, commented on the withdrawal. The news concerns Las Vegas casino and resort assets and is relevant to hotel and gaming sector consolidation.