IAC’s Diller says to continue to oversee MGM Resorts investment

In a letter to shareholders, IAC‘s (IAC) Barry Diller said: “We’re transitioning the necessary staff of IAC into the corpus of People. That will significantly reduce our overhead as we concentrate on our two assets: People publishing and our holdings in MGM Resorts (MGM). As for me, I plan to continue to do what I have done here for years as Chairman and Senior Executive-be an advisor, instigator, stimulus, and sometimes irritant to the process. I will also continue to oversee our MGM investment. We have an excellent balance sheet with plenty of cash to pursue opportunities. It’s possible we’ll find new arenas, that’s always an option, but for now we’ll concentrate on the two we have in front of us. Each cycle over the last 30 years, we downsized to a smaller company-I like that. It gives us room and energy to be agile and opportunistic. The corpus of People Incorporated will include the assets of a mostly virtual media business together with the very hard assets of MGM Resorts-if you like, a perfect hedge in a world that is changing so unpredictively fast. We’ve gone through four cycles since our founding more than 30 years ago, each one seeing opportunity in the dark. I can’t tell you where the next journey will take us but can say with confidence that the base from which we start is square on solid, and…from there…we will proceed.”