IAC to acquire a 12% stake in MGM Resorts for $1bn.

IAC, a media and Internet company, agreed to acquire a 12% stake in MGM Resorts, an American global hospitality and entertainment company, for $1bn. "MGM Resorts presents a unique opportunity for IAC to own a meaningful piece of a preeminent brand in a large category with immense potential to move online. We will be a minority investor and a long-term strategic partner, and would welcome the opportunity to contribute to MGM's success in any way that MGM's Board would look favorably on our involvement," Joey Levin, IAC CEO.