IAC Inc. Increases MGM Resorts Stake to 26.1% and Enters New Voting Agreement

On April 7, 2026, IAC Inc. filed Amendment No. 7 to its Schedule 13D regarding its investment in MGM Resorts International. The filing reveals that IAC now beneficially owns 66,822,350 shares of MGM common stock, representing 26.1% of the outstanding shares. A key development in this amendment is the entry into a Voting Agreement dated April 3, 2026, between IAC, MGM, and Barry Diller. Under this agreement, IAC and Mr. Diller (the 'Covered Entities') have agreed to vote any shares held in excess of 25.73% of the total voting power in the same proportion as other MGM stockholders. The agreement remains in effect until certain conditions are met, such as the Covered Entities' ownership falling below 17.5% or a change of control. Additionally, the agreement stipulates that the MGM Board must nominate two directors designated by IAC, provided they meet specific qualifications. This filing marks a significant formalization of the governance relationship between the major shareholder and the issuer.