MGM discusses bid for Barry Diller’s People Inc, WSJ reports

MGM Resorts International is reportedly considering making an offer to acquire Barry Diller's media company, People Inc., according to a report in the Wall Street Journal. The proposed deal comes after People Inc. recently withdrew its own bid for MGM Resorts. Share prices for People Inc. surged by 9% after the market closed on Thursday following the news.

MGM's potential bid marks an unusual move, as People Inc. has been one of the company's largest shareholders for several years. The media conglomerate, formerly known as IAC, began amassing its stake in MGM during 2020 when the casino operator faced significant challenges due to the COVID-19 pandemic, which led to closures and travel restrictions.

Currently, People Inc.'s ownership in MGM stands at around 27%, valued at roughly equal to its own market capitalization, as reported by the Wall Street Journal. However, MGM has not yet commented on the situation, while People Inc. declined to provide a response regarding the reported offer.