Barry Diller's People withdraws bid for MGM Resorts (updated)

People Incorporated

23/09/2026 23:26

    (Adds details and background throughout)
       Sept 23 (Reuters) - Media mogul Barry Diller's People
Inc  PPLI.O  on Wednesday withdrew its proposal to purchase all
public shares ​of MGM Resorts International  MGM.N , sending the
casino operator's shares down 8% in extended trading.
    In June, People, which currently ⁠owns about a 27% stake in
MGM, had proposed to buy the remaining shares, valuing it at
more than $18 billion. It had offered $48.30 a share in cash.
    People, formerly known as IAC, began building its stake in
MGM in 2020, when the casino operator's shares were battered by
closures and travel restrictions due to the COVID-19 pandemic.
    MGM owns marquee properties that account for roughly 40% of
the Las Vegas Strip. It, however, has been struggling with
sluggish footfalls, ⁠and has ​relied on growth in its China
assets, including Macau, and digital operations in ​recent
quarters.
    In a separate statement on Wednesday, MGM said the "board
remains excited to continue to lead MGM Resorts as a standalone
company."
    For Diller, who viewed MGM as undervalued, the increasing
stake offered an opportunity for People to diversify beyond ​the
core media business that includes publications such as its
namesake magazine and Food & Wine magazine.
    "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," Diller said.
    People, however, remains open to and interested in the
possibility of a strategic transaction with MGM and looks
forward to considering alternatives, he said.
    The media mogul's MGM pursuit echoes his earlier bet on
travel and leisure through Expedia  EXPE.O , which IAC acquired
in 2002 before building and later spinning off the online travel
company.    

    (Reporting by Aatreyee Dasgupta in Bengaluru; Editing by
Maju Samuel and Shilpi Majumdar)
 ((Aatreyee.Dasgupta@thomsonreuters.com;))