Barry Diller Drops Bid to Acquire MGM Resorts: ‘We Didn’t Feel the Mix Was Coming Together’
People Inc., the media company controlled by Barry Diller, is scrapping its proposed bid to acquire MGM Resorts International. People Inc. (which changed its name from IAC this spring) owns about 27% of MGM Resorts. In June, the company submitted formal offer for the hotel and on
Barry Diller's decision to drop his bid to acquire MGM Resorts International has significant implications for the entertainment industry, particularly in the music sector. As a major player in the media landscape, Diller's move signals a shift in the consolidation of content and hospitality assets. With People Inc. owning approximately 27% of MGM Resorts, this development raises questions about the future of the company's stake in the hotel chain.
The failed bid also highlights the challenges of integrating diverse assets in the entertainment industry. Diller's statement that "we didn't feel the mix was coming together" suggests that the company was struggling to find a cohesive strategy for combining its media properties with MGM Resorts' hospitality and gaming businesses. This is particularly relevant in the music industry, where live events and experiences are increasingly driving revenue for artists and labels. The convergence of media and hospitality assets had the potential to create new opportunities for music events and activations, but it appears that People Inc. has decided to focus on other priorities.
As the entertainment industry continues to evolve, it's worth watching how People Inc. and MGM Resorts navigate their future partnerships and investments. With the live music market expected to continue growing, the intersection of media, hospitality, and music will remain a key area of interest. Keep an eye on how Diller and his team allocate their resources and explore new opportunities in the music space, particularly in areas like live events, streaming, and artist development.
Originally reported by variety.com. MusicNewsletter adds analysis for culture, style & media readers.