Barry Diller’s IAC will attempt its hand at gambling with a $1 billion investment in MGM.
Barry Diller’s on line conglomerate IAC/InterActive announced a $1 billion investment in hospitality and gambling giant MGM on Monday. The investment provides IAC, which recently spun away internet dating business Match Group—the owner of Tinder as well as other hook-up apps—a 12% stake when you look at the international casino operator.
Diller, that is president of IAC, composed in a page to investors with CEO Joey Levin that MGM represents a “once in a decade” opportunity for IAC to possess a business who has yet to attain its potential on line. MGM’s on line video gaming company hardly plays a role in the company’s income today, but that is a thing that is good IAC is having a “very long-term view” with this investment, Diller and Levin published.
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