MGM reportedly discusses bid for Barry Diller's People Inc
MGM•MGM Resorts is reportedly discussing a bid for People Inc, a day after People withdrew its proposal to buy MGM. MGM could make a proposal in the coming days if it decides to proceed.
1. Possible bid
MGM Resorts is discussing a possible bid for People Inc, which has a roughly 27% stake in MGM valued at nearly the same amount as People’s market capitalization. People’s shares rose 9% after the bell.
2. Companies’ ties
People, formerly IAC, owns brands including People, Food & Wine, Southern Living and the Daily Beast. The company has focused on its publishing operations and its MGM investment; its second-quarter results last month pointed to improving publishing profitability despite pressure on web traffic from AI-driven search changes.
