New York – September 24, 2026 -- People Incorporated (NASDAQ: PPLI) has withdrawn its proposal to acquire all public shares of MGM Resorts International, ending a bid to take the casino and hospitality operator private.
Diller cites unresolved deal terms as reason for retreat
Chairman and Senior Executive Barry Diller said the company "didn't feel the mix was coming together" as hoped and opted against pursuing a going-private transaction at this time.
People Incorporated retains 27% stake worth 66.8 million shares
The company confirmed it continues to hold 66.8 million MGM Resorts shares, representing approximately 27% of the company, and expressed continued confidence in MGM management and its business outlook.
Publishing unit posts 11th consecutive quarter of growth
Diller noted that People Incorporated's core publishing business, which includes brands such as PEOPLE, Food & Wine, Travel + Leisure, InStyle, Better Homes & Gardens and Southern Living reaching 175 million consumers monthly, has now grown for 11 straight quarters, giving the company cash to invest in operations and repurchase its own stock.
Company leaves door open for future strategic deal with MGM
Diller thanked MGM's Special Committee and board for their consideration during the process and said People Incorporated "remains open to and interested in the possibility of a strategic transaction with MGM Resorts," adding the company will consider a range of alternatives going forward.