IAC just locked in two guaranteed board seats at MGM Resorts while capping its own voting power at 25.73%, and if you think this is just a governance story, you're not looking at the technology and platform implications underneath it.
IAC and Barry Diller just formalized a voting cap that limits their influence at MGM Resorts to roughly a quarter of the vote while guaranteeing two board seats. For anyone running an MGM-flagged property or watching the asset-light strategy play out, the governance structure tells you exactly where the pressure is heading next.
IAC now owns 26% of MGM but just agreed to cap its voting power at 25.73%, which sounds like a minor governance tweak until you realize what it tells you about who's really running the show and who's getting comfortable being a passenger.
