Diller’s IAC/InterActive Invests $1 Billion in MGM Resorts

IAC/InterActive Corp.’s $1 billion investment in casino operator MGM Resorts International demonstrates media mogul Barry Diller is still a top dealmaker.

IAC, a media and internet company with more than 150 brands and products, announced Monday that it built a 12% stake in MGM, just weeks after it spun off online dating behemoth Match Group Inc. “With the separation of Match Group from IAC, and ‘new’ IAC emerging with $3.9 billion of cash, no debt, and its opportunistic zeal intact, we are energized and excited to make this investment in MGM,” Diller, IAC’s chairman, said in a statement ...