Media mogul Barry Diller’s People offers to buy MGM Resorts for over $18bn

Focusing in on the casino operator is a sharp departure from media for Diller at a time when markets remain volatile

Media mogul Barry Diller’s People Inc said on Monday it has proposed to buy MGM Resorts, valuing the casino operator at more than $18bn.

The offer comes just weeks after Diller, the digital media company’s chair, told shareholders in a 28 April letter that People would sharpen its focus on its MGM stake, calling the stock “wildly undervalued”.