Barry Diller, through his company People Incorporated (PPLI), announced on September 23, 2026, the withdrawal of his proposal to purchase all public shares of MGM Resorts International. The non-binding offer, originally filed on August 3, was for $48.30 per share. Diller stated that "lots of ingredients that go into a proposal of this kind on its way to completion" were not coming together as hoped, leading to the decision not to pursue taking MGM private at this time.
Despite the withdrawal, People Incorporated will retain its significant minority stake in MGM Resorts, holding 66.8 million shares, which represents approximately 27% of the company. Diller expressed continued confidence in MGM Resorts' management and prospects, noting that People Incorporated remains "open to and interested in the possibility of a strategic transaction with MGM Resorts" and plans to consider alternative options.
The proposed deal had attracted scrutiny, with Bleichmar Fonti & Auld LLP (BFA Law) investigating potential breaches of fiduciary duty. Diller is a member of MGM's board of directors, and People Incorporated is MGM's largest single stockholder. BFA Law highlighted potential conflicts of interest given Diller's dual role and People Inc.'s ability to designate two MGM directors, questioning if the deal would be fair to all MGM stockholders under Delaware law.
People Incorporated, owner of America's largest publisher People Inc. (home to brands like PEOPLE, Food & Wine, Travel + Leisure), also reported strong performance in its core publishing business, achieving its 11th consecutive quarter of growth with ample cash for investments and stock repurchases. This financial stability suggests the withdrawal was not due to People Incorporated's inability to finance the deal, but rather a strategic decision based on the evolving dynamics of the proposed acquisition.
