Exclusive | MGM Resorts Eyeing Bid for Barry Diller’s People Incorporated

MGM Resorts is in discussions to acquire People Incorporated, the media holding company controlled by billionaire Barry Diller, according to people familiar with the matter. People Incorporated owns approximately 27% of MGM and publishes titles including Food & Wine magazine.

The potential deal would represent an unusual reversal: MGM acquiring the entity that holds a significant stake in the casino operator itself. The discussions come as MGM trades down 10.99% in recent action, though the article does not link the decline directly to acquisition talks.

People Incorporated's portfolio includes several lifestyle and entertainment media properties beyond Food & Wine, though the company's overall valuation was not disclosed. Diller, a media veteran known for building IAC and Expedia Group, has maintained the MGM stake as part of his broader investment strategy.

The talks highlight MGM's interest in expanding beyond traditional casino operations into adjacent media and entertainment verticals. No timeline for a potential bid or transaction value has been reported, and it remains unclear whether the discussions will result in a formal offer.