MGM Resorts Eyes $12.4B Bid for Barry Diller’s People Inc After Reversal

MGM Resorts is reportedly in talks to acquire Barry Diller's People Inc, just one day after People walked away from its $12.4 billion bid for MGM.

The news comes as a surprise given the dramatic turn of events, with MGM stock dropping 11% before Friday's trading session and People Inc stock jumping up to 11% in premarket trading.

Diller built his stake in MGM back in 2020 when casino stocks were hammered by Covid closures, and his nearly 27% stake is now worth almost as much as People's entire market capitalization.

If MGM decides to move forward with the bid, it would effectively buy back a significant chunk of its own stock and acquire People's media brands, including People magazine and The Daily Beast.