WASHINGTON (dpa-AFX) - 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.
IAC operates Vimeo, Dotdash and Care.com. It has majority ownership of ANGI Homeservices, which includes HomeAdvisor, Angie's List and Handy. The company is headquartered in New York City.
Shares of MGM Resorts were up 15% in pre-market trade on Monday.
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