Media mogul Barry Diller has abandoned his $18bn takeover bid for MGM Resorts, citing a lack of synergy in the proposed deal. The offer, made public in June, was withdrawn after Diller stated that “we didn’t feel the mix was coming together in the way we had hoped.” The decision marks a significant reversal in what was seen as one of the year’s most ambitious corporate acquisitions. Diller, through his firm IAC, had been exploring ways to expand into the hospitality and entertainment sectors, but the complexities of integrating MGM Resorts’ vast portfolio of casinos and hotels proved challenging.

The withdrawal leaves the future of MGM Resorts open to other potential suitors, though no immediate alternatives have been announced. Analysts suggest the deal’s collapse reflects broader uncertainties in the post-pandemic travel and leisure industry.