Barry Diller’s People Incorporated has made a move to take MGM Resorts International private, putting forward a cash offer of $48.30 a share for the stock it does not already own.

The proposal, revealed Monday (June 1), values MGM at about $18 billion including debt. If completed, it would hand People control of one of the world’s biggest gaming and hospitality operators. The bid is non-binding and will be reviewed by MGM’s board.

People Incorporated, formerly known as IAC, already holds roughly 26.1% of MGM’s outstanding shares. Under the proposal, it would purchase the remaining shares and turn MGM into a privately held subsidiary. The company said it expects to own slightly more than 50.1% of MGM’s equity after closing, while some investors could keep minority stakes.

According to People, the offer stands 10.6% above MGM’s May 29 closing price and 24.1% above its 30-day volume-weighted average share price. At the time of writing, MGM Resort’s stock was up 15.8%.

The bid reflects Diller’s growing focus on MGM after years spent building media, internet and travel businesses. He has served on MGM’s board and steadily expanded his investment in the company since buying shares during the pandemic downturn.

MGM has become a major asset for People because of its mix of casino resorts and expanding digital operations. The company owns prominent Las Vegas Strip properties, operates regional casinos across the United States, has interests in Macau and Japan, and co-owns online betting platform BetMGM.

“We began investing in MGM nearly six years ago because we believed it represented a rare kind of business: one with real world assets that AI cannot easily replicate or disintermediate and exceptional digital growth opportunities. That conviction has only strengthened over time,” Diller said in a