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00:02Barry Diller withdrew his bid to take MGM Resorts private after months of discussions
00:06saying the deal was not coming together as hoped, according to the Wall Street Journal.
00:11Diller's People Inc., which owns roughly 27% of MGM, offered in June to buy the remaining
00:16stake in a deal valuing the company at around $12.4 billion.
00:20People remains open to a strategic transaction with MGM MGM chairman Paul Salem said the
00:26company will remain independent and pointed to its international portfolio and planned
00:30overseas growth as a path to increasing shareholder value.
00:33Diller previously said MGM could hedge against artificial intelligence's impact on media
00:37because real-world experiences are more insulated from AI.
00:41MGM and other casino operators face pressure from prediction markets and fewer visits from
00:46lower- and middle-income families, prompting discounts and perks to attract visitors.
00:50MGM shares fell more than 8% in after-hours trading.
00:53For all things money, visit Benzinga.com.
