Media mogul Barry Diller's People Inc. is preparing a takeover bid for MGM Resorts, offering to purchase the portion it doesn't already own at an $18 billion valuation. The move signals Diller's continued expansion into the gaming and hospitality sector through his investment vehicle.

People Inc. already holds a significant stake in the casino operator, making this a consolidation play rather than a new market entry. Diller, who chairs IAC/InterActiveCorp, has been steadily increasing his gaming investments through this platform, recognizing the sector's growth potential and cash flow stability.

The $18 billion valuation reflects MGM's market position as a leading gaming company with properties across Las Vegas and other major markets. Such a deal would give People Inc. full control over a substantial gaming portfolio during a period of industry recovery and expansion.

This takeover attempt represents one of the largest potential gaming acquisitions in recent memory, potentially reshaping the competitive landscape if completed.