7 hours ago - Business

Barry Diller folds on MGM Resorts takever

Dan Primack

Illustration of two dice falling into a dark hole on a felted table. — Illustration: Maura Kearns/Axios

Barry Diller has withdrawn his $18 billion-plus takeover offer for MGM Resorts, the Las Vegas-based gaming and hospitality giant.

Why it matters: Diller is an MGM board member who in June said that MGM is unlikely to realize its "full potential" as a public company. Now it's going to remain a public company, at least for the foreseeable future.

Investor reax: MGM shares fell more than 10% on the news.

Go deeper, via the WSJ: "Diller has said the deal would give his company, which includes People magazine, Food & Wine and other publications, a hedge at a time when artificial intelligence is upending the media business. He said real-world experiences like casino visits or shows remain more insulated from AI, for now."

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Barry Diller folds on MGM Resorts takever

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