People Incorporated Proposes Acquisition of MGM Resorts
June 10, 2026
NEW YORK — People Incorporated, formerly IAC, has submitted a nonbinding proposal to acquire all outstanding shares of MGM Resorts International that it does not already own for $48.30 per share in cash.
People Incorporated already owns 26.1% of MGM’s outstanding common stock. Under the proposal, MGM would become a private company, with People Incorporated owning just over 50.1% of the equity and controlling the business. Other investors, which may include current MGM shareholders, would hold minority interests.
In a press release dated June 1, MGM Resorts confirmed that it had received the offer and said its board of directors, in consultation with financial and legal advisers, will review and consider the proposal. MGM said shareholders do not need to take any action at this time.
The proposal represents a 24.1% premium to the volume-weighted average price of MGM common stock for the 30 trading days ending May 29, a more than 30% premium to the 90-day volume-weighted average price and a 10.6% premium to the most recent closing price, People Incorporated stated in a press release.
“We began investing in MGM nearly six years ago because we believed it represented a rare kind of business: One with real-world assets that AI cannot easily replicate or disintermediate and exceptional digital growth opportunities. That conviction has only strengthened over time,” said Barry Diller, chairman and senior executive of People Incorporated. “We continue to believe the market materially undervalues the power and durability of MGM’s assets.”
Diller said People Incorporated believes MGM’s management team is strong and that the proposed transaction would support the company’s next phase of growth.
People Incorporated said it expects to fund any transaction through a combination of existing cash on hand at People Incorporated and MGM, as well as additional debt and equity funding commitments. The company said the transaction would not be subject to a financing condition but would require negotiation of definitive agreements, confirmatory due diligence and regulatory approvals, including gaming regulatory approvals.
In a letter to MGM’s board, People Incorporated said it expects MGM’s current management team would continue to lead the business if a transaction is completed. Diller also said he would recuse himself from any MGM board deliberations regarding the proposal or any alternative transaction.
MGM said it cannot provide assurances that the proposal, or any subsequent proposal, will result in an agreement or transaction.
People Incorporated owns People Inc., a publisher whose brands include People, Food & Wine, Travel + Leisure, InStyle, Better Homes & Gardens and Southern Living. The company is headquartered in New York.
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