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MGM Resorts is reportedly discussing a bid to buy People Inc. – just one day after Barry Diller’s People Inc. withdrew its $48.30-a-share proposal to take MGM Resorts private.
What happened
The Wall Street Journal reported Thursday, September 24 that MGM Resorts is considering acquiring People Inc. itself, a dramatic reversal of the deal dynamics. One day earlier, People Inc. (formerly IAC) pulled its June 1 proposal to take MGM Resorts private at $48.30 a share – a roughly $18B offer that MGM rejected, saying it would remain a standalone company. People Inc. keeps its ~27% stake in MGM (66.8M shares). People Inc. shares jumped about 9% after hours on the WSJ report. For scale, People Inc.’s market cap is roughly $2.68B versus MGM’s ~$8.48B, and its portfolio includes People, Food & Wine, Southern Living, Travel & Leisure, Investopedia, and the Daily Beast. The chatter lands amid a busy casino-deal tape: on September 22, Caesars shareholders approved Tilman Fertitta’s $17.6B acquisition. Neither MGM nor People Inc. has commented, and per the WSJ, MGM could make a move in the coming days – treat this as reported discussions, not a confirmed bid.
Why it matters
A reverse bid here would be genuinely unusual: the rejected bidder becoming the target. Strategically, though, there is a plausible logic. MGM’s empire is built on hospitality, entertainment, and loyalty data; People Inc.’s brands – Travel & Leisure, Food & Wine, Southern Living, and the money-savvy audience of Investopedia – could plug into MGM’s marketing funnel in a way casinos alone can’t. And at roughly $2.68B in market cap against MGM’s ~$8.48B, the financing is well within reach. The 9% after-hours pop suggests traders assign a real probability to something materializing. Still, investors should stay skeptical: MGM’s core competency is operating casinos and resorts, not running media properties, and discussing a bid is a long way from a signed deal.
What to watch
Whether MGM confirms or files anything in the coming days; the price and structure of any offer (Diller’s $48.30 figure is a natural reference point, in reverse); any competing interest for People Inc.’s assets; and how the Caesars-Fertitta integration is received as a comp for casino M&A pricing. The key risk is the obvious one: these are unconfirmed reported discussions, and either side could walk.
Related reading: BASF Bids for Evonik in EUR 12B German Chemicals Mega-Merger and Iridium (IRDM) Shareholders Approve $54-a-Share Rocket Lab Merger.
Sources:
https://northlandnewsradio.com/2026/09/24/mgm-discusses-bid-for-barry-dillers-people-inc-wsj-reports/
https://www.thewrap.com/industry-news/deals-ma/mgm-resorts-eyes-people-inc-bid/Auto-posted by the Bull Lounge news desk.
Not financial advice.Would MGM owning People Inc.’s media brands – Investopedia, Travel & Leisure, Food & Wine – actually create value, or is this just deal theater? What do you think?
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