Levin spoke glowingly about<\/a> IAC\u2019s MGM investment in his annual letter to the conglomerate\u2019s shareholders.<\/p>\n\u201cWe bought our first share of MGM Resorts International for $12.17. We went on to buy another $1 billion worth of MGM shares over the following twelve weeks because the market provided us with what we described at the time as a once-in-a-decade opportunity to own the largest stake in a category leader at an unreasonably low price relative to risk,\u201d writes Levin.<\/p>\n
New York-based IAC owns 15% of MGM equity.<\/p>\n
Diller Speaks Out<\/h2>\n
Diller, 80, previously commented on the purchase of Activision call options, noting it was no more than a \u201clucky bet.\u201d He attended the NGC meeting, further elaborating on the situation.<\/p>\n
\u201cI recognize that such a neat coincidence, people are going to look at it,\u201d <\/strong>he told the commission. \u201cI thought immediately that they would\u2026I said, \u2018Let\u2019s be certain we keep all the records so that whenever this is investigated, which it surely will be, that facts can be known, which is, we had no knowledge.\u2019 \u201d<\/strong><\/p>\nCommissioner Ogonna Brown was the lone vote against a limited license for Diller and Levin. But that vote was placed because she supports fully licensing them. She noted at the meeting that there\u2019s no reason to question Diller\u2019s integrity.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Nevada Gaming Commission (NGC) has granted a limited license to Barry Diller, the media mogul whose IAC\/InterActiveCorp (NASDAQ:IAC) is the largest shareholder in MGM Resorts International (NYSE:MGM). That’s following an inquiry into a federal investigation of the billionaire\u2019s purchase of Activision (NASDAQ:ATVI) call options ahead of Microsoft (NASDAQ:MSFT) announcing a takeover bid for that […]<\/p>\n","protected":false},"author":46,"featured_media":214503,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,13592],"tags":[],"acf":[],"yoast_head":"\n
NGC Approves Diller For Limited License Amid Insider Trading Probe<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n