Barry Diller's People Inc. Drops MGM Takeover Bid
People Incorporated (NASDAQ: PPLI) has withdrawn its proposal to purchase all public shares of MGM Resorts International, the media company announced on September 23, 2026.
People Incorporated Chairman and Senior Executive Barry Diller said, "There are lots of ingredients that go into a proposal of this kind on its way to completion.
"We didn't feel the mix was coming together in the way we had hoped and have decided not to pursue taking the company private at this time.
"What is undimmed is our belief in the future of MGM Resorts. We continue to hold 66.8 million shares representing approximately 27% of MGM Resorts and have total confidence in both the management and the Company's prospects."
Door Open For Future Deal
Diller thanked MGM's special committee and board "for giving us the time and consideration during the process," adding that People Incorporated "is doing just fine with its principal publishing business achieving its 11th quarter of growth with plenty of cash to both invest in its business and purchase its stock."
"We at People Incorporated remain open to and interested in the possibility of a strategic transaction with MGM Resorts and look forward to considering a range of alternatives," Diller said.
The Latest Evolution
People Incorporated is the owner of America's largest magazine publisher, People Inc., home to more than 40 brands, including PEOPLE, Food & Wine, Travel + Leisure, InStyle, Better Homes & Gardens, and Southern Living, which the company says reach a combined 175 million consumers each month. It also holds a significant minority stake in MGM Resorts.
The company, one of the country's leading casino operators, describes itself as representing "the latest evolution in a long tradition of entrepreneurial ownership, disciplined capital allocation, and opportunistic value creation," noting it has built, operated, invested in, and spun off a number of internet and media businesses over three decades. People Incorporated is headquartered in New York City.
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