IAC/InterActiveCorp. (IAC) announced its accumulation of a 12% interest in MGM Resorts International (MGM) for an aggregate of approximately $1 billion. IAC said it has a very long-term view of this investment and will be open to all the opportunities it presents.
"We will be a minority investor in MGM, but given the size of our financial commitment, we'd welcome the opportunity to contribute to MGM's success in any number of areas," said Joey Levin, CEO of IAC.
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