Barry Diller's People Inc. withdraws $18 billion buyout bid for MGM Resorts

Buyout proposal withdrawn

Barry Diller's media holding company People Inc. announced on Wednesday, 23 September 2026, that it has withdrawn its proposal to purchase all public shares of MGM Resorts International. The corporate announcement formally ended the firm's multi-month pursuit to take complete ownership of the casino operator. In trading immediately after the bell, shares of MGM Resorts dropped 8% as market participants responded to the termination of the buyout process. The withdrawal followed months of consideration after the initial purchase proposal was first introduced earlier in the year. People Inc. confirmed the cancellation of the takeover plan on Wednesday evening, concluding the acquisition effort across public equity markets. The company continues to trade on public exchanges under the ticker PPLI, while MGM Resorts remains listed under the ticker MGM.

Terms and valuation of the June offer

People Inc. first submitted its formal proposal to purchase the remaining shares of MGM Resorts International in June 2026. Under the terms of that offer, People Inc. proposed paying $48.30 per share in cash for all outstanding equity that it did not already own. The proposed cash transaction valued the target public stake of the casino operator at more than $18 billion. At the time the proposal was made, People Inc. already held a substantial minority position in MGM Resorts, reported between 26% and approximately 27% of total equity. Completing the transaction at the $48.30 per share cash price would have consolidated the remaining public shares into People Inc.'s corporate holdings.

Financing plan and investor backing

The planned buyout of MGM Resorts International was structured around three distinct funding sources rather than a single cash reserve. According to terms outlined by People Inc., the purchase was to be funded using a combination of the company's cash on hand, new debt borrowings, and equity capital provided by additional outside investors. This capital framework was designed to meet the multi-billion-dollar cash requirements of the $48.30 per share proposal for the remaining public float. Combining internal cash resources with newly secured debt and third-party partner capital would have funded the buyout without requiring People Inc. to finance the entire cash sum alone. Following the withdrawal of the buyout offer on Wednesday, these planned borrowing arrangements and external investor partnerships will not proceed.

Strategic rationale and media portfolio

Barry Diller identified MGM Resorts International as an undervalued asset in public markets when structuring the initial acquisition attempt. For People Inc., increasing its equity holding into full ownership represented an avenue to expand operations well beyond its core publishing and media assets. The company's established commercial portfolio consists of prominent consumer print and digital publications, including its namesake title People and Food & Wine magazine. Moving into the casino and hospitality sector was intended to provide broader revenue diversification away from traditional magazine publishing and digital advertising. Following the bid withdrawal, People Inc. will maintain its existing minority investment of between 26% and 27% in MGM Resorts without pursuing active management control.