MGM is considering a potential move on People Inc., the media company linked to Barry Diller, per the Wall Street Journal, which quoted individuals familiar with the situation. The conversations surfaced just after People withdrew its plan on Wednesday to purchase the remainder of MGM Resorts International. According to the report, MGM's talks center on whether to make a formal approach to acquire People Inc., the holder of the large MGM stake.
People Inc. controls its namesake magazine along with other titles and sits on a sizable MGM stake of roughly 27%. The company's market value is about $2.7 billion, placing a clear price tag on any approach MGM might consider. The valuation cited in the reporting frames the potential price for any transaction involving the media owner and its MGM holding.
On Wednesday, Diller said his effort to buy MGM fell through, and he indicated he would consider other deals. A representative declined to comment on behalf of the veteran entertainment and technology figure. His comments underscored that, although the bid did not proceed, he is still evaluating possibilities, while his spokesperson offered no additional details.
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