People Inc shareholder HighSage backs MGM's possible takeover proposal

MGM Resorts International

29/09/2026 15:24

Sept 29 (Reuters) - People Inc PPLI.O shareholder HighSage Ventures said on Tuesday it would support MGM Resorts' MGM.N potential offer to take the magazine publisher private, adding that coming to terms on such a deal would be a "win-win".
The Wall Street Journal reported last week that MGM was discussing making a bid to purchase Barry Diller's People Inc, a day after People Inc withdrew its proposal to buy the casino operator.
Here are the details.
Boston-based HighSage is People Inc's fourth-biggest shareholder with a 7.86% stake.
HighSage said in a letter to Diller and MGM chair Paul Salem that MGM's acquisition of People would allow it to purchase its own shares – owned by the media baron's firm – in a compelling manner.
A sale to MGM will unlock a holding-company discount that has weighed on People's shares for too long, the investment firm argued.
"By acquiring PPLI, MGM effectively repurchases its own shares at or below the current market price, given PPLI's large discount to net asset value," HighSage said.
"The more we think about it, the more we are convinced that, at a fair price, this would be a good outcome for all parties."
People owns 27% of MGM's outstanding shares.
MGM and People did not immediately respond to Reuters requests for comment.

 (Reporting by Nandan Mandayam in Bengaluru; Editing by Shailesh Kuber)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))