NEW YORK — Media mogul Barry Diller has officially withdrawn his high-profile USD 18 billion buyout offer to take casino giant MGM Resorts private, deciding that the potential financial exposure to China was too steep a gamble.
Diller’s IAC group had been exploring the massive acquisition to bring the hospitality and entertainment heavyweight under private ownership.
However, analysts pointed out that the deal would have heavily tied his group’s fortunes to volatile overseas markets. The decision to fold came in the wake of weakening financial results from MGM’s crucial Macau unit, compounded by Beijing’s aggressive and intensifying crackdown on cross-border capital outflows.
Market watchers noted that while taking the casino giant private presented lucrative long-term opportunities, the regulatory and economic headwinds in Asia made the risk profile untenable. Diller's retreat underscores a growing caution among Western investors navigating cross-border investments amid tightening international oversight and shifting regional market dynamics.
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