MGM Resorts plunges after Barry Diller's People Inc. withdraws takeover bid

People Incorporated announced on Tuesday that it has withdrawn its proposal to acquire all outstanding shares of MGM Resorts International, according to a press release. Chairman and Senior Executive Barry Diller stated that the company has decided not to proceed with the plan to take MGM Resorts private, citing that the proposal's components were not progressing as anticipated.

People Incorporated currently holds 66.8 million shares, or roughly 27% of MGM Resorts' outstanding shares. Diller expressed optimism about MGM Resorts' future, reaffirming the company's 27% stake in the company and its full confidence in the management and prospects of MGM Resorts. He also expressed gratitude to the Special Committee and MGM Directors for their involvement in the process.

Diller noted that People Incorporated's publishing business has achieved 11 consecutive quarters of growth. The company owns over 40 publishing brands, including PEOPLE, Food & Wine, Travel + Leisure, InStyle, Better Homes & Gardens, and Southern Living, which collectively reach 175 million consumers monthly. People Incorporated maintains its minority ownership in MGM Resorts International. The article was produced with the assistance of artificial intelligence and reviewed by an editor.