Barry Diller abandons $18 billion bid to privatise MGM Resorts

People Inc, the holding company of media mogul Barry Diller, announced Wednesday that it will no longer pursue the $18 billion transaction aimed at taking MGM Resorts International private. Diller explained that the various elements required for the proposal to succeed were not coming together as hoped, but he emphasized that the firm still believes strongly in MGM’s future and retains 66.8 million shares, about 27% of the company.

The original plan, unveiled in June, was pitched as a bet on the resilience of resorts, casinos and live experiences against AI-driven disruption. MGM’s board, through chairman Paul Salem, confirmed that a special committee had been in talks with People Inc but ultimately decided to remain a standalone entity, citing its leading position on the Las Vegas Strip, the growth of BetMGM, and expansion opportunities in China and Osaka.

Both sides expressed optimism about continuing to create shareholder value without the merger. Further updates are expected as the companies move forward independently.