Barry Diller's People Inc. to Buy MGM Resorts with $18B Offer
People Inc. is planning to acquire MGM Resorts for over $18 billion. The deal marks a significant takeover bid, with a reported stock price of $48.30 per share for MGM Resorts. The move follows reports of People Inc.'s preparations and is a major development for the entertainment industry.
People Inc., the media company led by Barry Diller, has proposed an $18 billion takeover of casino and hotel operator MGM, offering $48.30 per share for the stake it does not already own. People Inc. currently holds about 26.1% of MGM's outstanding shares and has signaled it will not sell that position.
The offer represents roughly a 24.1% premium to MGM's 30-day volume-weighted average price through May 29 and a 10.6% premium to its most recent close, news that sent MGM shares higher. Diller, who already sits on MGM's board, said he would recuse himself from board actions on the proposal and described MGM as a rare business with real-world assets that AI "cannot easily replicate," paired with strong digital growth.
The bid is a proposal rather than a completed deal, and its path will depend on the response of MGM's independent directors and any competing interest. Investors should treat the per-share figure and timing as preliminary until the board responds.
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