IAC Just Locked In 25.73% Voting Power at MGM. The Real Fight Is About What Comes Next.
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.