Barry Diller shares why his deal to buy MGM fell apart
Source: Business Insider ·
Media mogul Barry Diller is no longer chasing a deal to buy MGM, but said he thinks casinos and other "forever assets" are a hedge against AI.
From the source
Barry Diller told Business Insider's Peter Kafka that "forever assets" like MGM and its Las Vegas resorts are protected from AI disruption.Carl Timpone/ BFABarry Diller says he tried to buy all of MGM because real-world experiences like a trip to Las Vegas are a strong hedge against AI.He said the deal fell apart because he didn't want to take on debt or raise money from third parties.Diller spoke to Chief Correspondent Peter Kafka at Business Insider's The Long Play.Media mogul Barry Diller thinks businesses that operate in the real world have a strong protective moat against AI.That was the inspiration for his company People Inc.'s June bid for MGM Resorts International's casino and hotel business, which he called "forever assets."Nothing is going to replace Las Vegas, he said — and no one's going to buy another one. Gaming is only part of the equation, he said."No disintermediation is coming between a person who wants to go to a place, and that place," he said, speaking to BI's…