- Following a $1 billion investment in MGM Resorts International (NYSE: MGM), IAC/Interactivecorp (NASDAQ: IAC) is adding Barry Diller and Joey Levin to the board of the hospitality and entertainment company
Following a $1 billion investment in MGM Resorts International (NYSE: MGM), IAC/Interactivecorp (NASDAQ: IAC) is adding two of its leaders to the board of directors at the hospitality and entertainment company. Earlier this week, MGM appointed IAC Chairman and Senior Executive Barry Diller and CEO Joey Levin to its board.
MGM board chairman Paul Salem said IAC’s investment and support is coming at a “pivotal time.” And the investment will play a major role in the company’s strategy to grow digital offerings.
“We couldn’t be more excited to welcome Barry and Joey to our board and to benefit from their collaboration,” said Salem in a statement.
When IAC invested $1 billion in MGM on August 10, it represented a 12% stake in the company. And when the investment was made, IAC expressed interest in MGM’s shift to online gaming.
MGM President and CEO Bill Hornbuckle said that the partnership with IAC will help the company build brand loyalty and increase wallet share in online and resort-based experiences.
Diller is also the chairman and senior executive of Expedia and previously worked as an executive at QVC, Paramount Pictures, and Fox where he oversaw the creation of the Fox Broadcasting Company. And Diller was also president of Entertainment and Communications Group, which included Simon & Schuster, Madison Square Garden, and SEGA Enterprises.
Diller is also on the Coca-Cola Company board and is a member of The Business Council. Plus Diller is also chairman of the boards of Match Group and ANGI Homeservices. And Diller is on Turo’s board.