On the heels of IAC’s $1 billion investment in MGM Resorts International, the Las Vegas-based casino giant has expanded its board of directors to make room for IAC Chairman Barry Diller and CEO Joey Levin.
MGM Chairman Paul Salem said in a statement that adding Diller and Levin would “elevate” the company’s ambitions in the digital realm.
“IAC’s significant investment, expertise and support come at a pivotal time and will play a key role in MGM’s strategy to seize emerging opportunities and lead the industry with unparalleled in-person and digital experiences.”
IAC has acquired more than 59 million MGM shares, good for 12 percent of the company, because Diller, the billionaire founder of Fox Broadcasting and USA Broadcasting and owner of online travel giant Expedia, likes MGM’s future in cyberspace.
He termed the investment a “once-in-a-decade opportunity for IAC to own a meaningful piece of a pre-eminent brand in a large category with great potential to move online.”
“IAC has always been opportunistic with its capital, and if ever there was a time, this moment is unique,” he said.