Barry Diller bids over $18bn for MGM in pivot from media to gaming

People Inc's proposal to buy the remaining 74% of MGM Resorts for $48.30 per share represents more than an acquisition, it's a complete strategic transformation for Barry Diller's empire. The all-cash offer values MGM at over $18 billion, marking a sharp departure from Diller's traditional internet and media assets toward gaming and hospitality. People already owns 26% of MGM, accumulated over six years, making it the casino operator's largest shareholder. The 24% premium to 30-day trading averages suggests Diller sees MGM's digital betting platform BetMGM as undervalued relative to its physical Las Vegas properties.