Media mogul Barry Diller’s IAC/Interactive Corp. disclosed it has acquired 12% of MGM Resorts International for about $1 billion in a bet on the casino operator’s nascent on the net- business enterprise.
IAC’s portfolio of on the net manufacturers involves Angie’s Listing, the Day-to-day Beast, and Vimeo. It spun off Tinder operator Match Group very last thirty day period, leaving it with $3.nine billion in funds and zero credit card debt.
Investing some of that funds in MGM offers Diller an entrée into the on the net business enterprise, which is anticipated to attain about $60 billion this yr in the U.S.
“We believe that MGM introduced a ‘once in a decade’ possibility for IAC to personal a significant piece of a preeminent manufacturer in a large class with excellent possible to go on the net,” Diller and IAC Main Govt Joey Levin mentioned in a letter to IAC shareholders,