People, which currently owns a 26.1% stake in the casino operator, has offered $48.30 a share in cash for the remaining shares.

Sign up here. For Diller, who views MGM as undervalued, the increasing stake offers an opportunity to diversify beyond the core media business that includes publications such as its namesake magazine and Food & Wine. People, which currently ⁠owns a 26.1% stake in the casino operator, has offered $48.30 a share in cash for the remaining shares, representing a premium of about 10.6% to MGM's Friday close of $43.67. The digital media company expects to own just over 50.1% of the company's equity, with other investors holding minority interests, the company said on Monday. MGM Resorts confirmed it had received the offer and said its board, in consultation with financial and legal advisers, would review the proposal before deciding on next steps. "Following Fertitta’s announced acquisition of CZR last week, our view remains that the transaction could act as a catalyst for incremental deal activity across the (casino) group," Jefferies analyst David Katz said. DILLER'S BET ON MGM RESILIENCE The media mogul has focused on the travel and leisure industry before. He had acquired ‌Expedia in ⁠2002, built it into a global travel giant under IAC, and later spun it off. He remained closely associated with the travel company for years as chairman. His interest in MGM dates back to the COVID-19 pandemic, with People, then IAC, accumulating a stake in the casino operator when its shares were battered by closures and travel restrictions. "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," Diller said on Monday. "That conviction has only strengthened over time." Diller told shareholders in an April 28 letter that People would sharpen its focus on its MGM stake, calling the stock "wildly undervalued," a comment he reiterated on Monday. People recorded $34 million ⁠in unrealized gains from its MGM investment in the March quarter, compared with a loss of about $324 million a year earlier. The casino operator owns marquee properties that account for roughly 40% of the Las Vegas Strip. However, it has been struggling with sluggish footfalls in Las Vegas, ⁠and has relied on growth in its China assets, including Macau, and digital operations in recent quarters. The company's BetMGM venture has also emerged as one of the leading U.S. online sportsbooks, giving higher exposure to a digital gambling market that analysts have been bullish on. Reporting by Aatreyee Dasgupta, Nathan Gomes and Aishwarya Jain in Bengaluru; Editing by Leroy Leo

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