MGM Resorts is now looking at a possible bid for People Inc, just days after People dropped its own offer for the Las Vegas casino giant. The move could shake up who controls MGM’s Strip resorts and digital business.
People Inc tried to buy MGM Resorts. That plan collapsed. Now, the tables have turned. MGM is weighing a bid for People Inc, the publisher that owns a big stake in the casino operator. The Wall Street Journal reports that MGM is in talks about making an offer. People Inc controls well-known magazines like People and Food & Wine, and it holds a large block of MGM shares.
After the news broke, People Incorporated (PPLI) shares jumped 13% in after-hours trading. The stock closed at $35.93, then shot up to about $41. MGM’s shares, which had dropped 11% after People pulled its offer the day before, barely moved in late trading.
As of September 23, 2026, People Inc reported beneficial ownership of 66,822,350 MGM shares, representing about 26.5% to 27% of the company, according to SEC filings.
Ownership stakes and shifting strategy
People Inc owns about 27% of MGM Resorts. That makes it one of the biggest shareholders on the Strip. Earlier, People Inc tried to buy the rest of MGM for $48.30 a share in cash, valuing the company at over $18 billion with debt included. Barry Diller, who sits on MGM’s board, called the casino business a hedge against the shaky future of digital publishing, especially with AI changing the game.
Talks dragged on for months. In the end, People Inc walked away. The publisher said it couldn’t lock down outside funding and worried about the debt load. Reuters reported that People Inc officially withdrew its bid for all public MGM shares on September 23, 2026. MGM confirmed it got the withdrawal notice that same day. In its SEC filing and press release, People Inc said it was "not pursuing" a takeover of MGM "at this time" and admitted the deal "was not coming together as hoped." Diller said People is still open to other options.
Market reaction and financial picture
The market moved fast. People Inc’s stock bounced back on talk of an MGM bid. Still, both PPLI and MGM shares are down 8% for the year. People Inc’s market cap is now $2.68 billion. MGM is valued at $8.48 billion. Retail investors are still bullish on MGM, with message boards buzzing about what comes next.
Reuters’ Breakingviews noted that People Inc’s withdrawal from the MGM bid leaves it with its existing stake and avoids a riskier bet tied to MGM’s exposure to China, including MGM China, which had been a key part of the strategic rationale for the original deal.
People Inc’s retreat left the field open. MGM’s interest in a counter-offer shows the fight for control is not over. Diller has said People Inc is open to other deals. The situation is still in flux.
Las Vegas impact and industry fallout
MGM Resorts’ next move could hit the Las Vegas Strip hard. The company runs some of the city’s best-known resorts. Any change in who owns what, or in strategy, could affect everything from hotel management to digital gaming. The story echoes other recent shakeups in Las Vegas, like those reported earlier in the local restaurant scene, where business decisions quickly change the landscape.
Both companies say they’re open to more deals. One thing is clear. Las Vegas’ biggest players are not standing still. MGM’s willingness to consider buying its own top shareholder shows just how high the stakes are. Boardroom moves like this ripple through the Strip. They touch investors, workers, and visitors alike. The next step from MGM will show if this is just defense or the start of a new era for Las Vegas resorts.
