Barry Diller’s IAC will endeavour its hand at gambling by having 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 down internet dating business Match Group—the owner of Tinder along with other hook-up apps—a 12% stake within the casino operator that is global.
Diller, who’s president of IAC, published in a letter to investors with CEO Joey Levin that MGM represents a “once in a decade” opportunity for IAC your can purchase a business that features yet to achieve its possible on line. MGM’s on line video video gaming business hardly plays a role in the company’s income today, but that’s a thing that is good IAC is taking a “very long-term view” because of this investment, Diller and Levin composed.
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