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 MGM that is giant on. The investment offers IAC, which recently spun down online dating sites business Match Group—the owner of Tinder as well as other hook-up apps—a 12% stake into the casino operator that is global.
Diller, who’s president of IAC, published in a page to investors with CEO Joey Levin that MGM represents a “once in a decade” opportunity for IAC your can purchase a business that includes yet to achieve its possible on line. MGM’s on the web video gaming company scarcely plays a role in the company’s income today, but that is a positive thing because IAC is going for a “very long-term view” with this investment, Diller and Levin penned.
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