NewzBarry Diller’s media and internet conglomerate, IAC, has officially abandoned its $18 billion proposal to acquire the remaining shares of MGM Resorts International. The move concludes a high-profile attempt by the mogul to consolidate ownership of the Las Vegas-based casino and hospitality giant, which he had sought to bring fully under the IAC corporate umbrella.
IAC currently holds a significant stake in MGM Resorts, but this failed takeover bid marks a strategic pivot for the company. The termination of the acquisition plan leaves the existing ownership structure of the casino operator unchanged, halting what would have been a major shift in the landscape of the gaming and entertainment industry.
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