The company, led by Jewish billionaire Barry Diller, already owns a 26% stake in MGM Resorts. Last month, it offered to buy the remaining shares in a deal valued at $12.4 billion, or about $18 billion including debt.
MGM Resorts has formed a special committee to review the proposal and hired financial advisers to evaluate the offer. The company believes Diller’s current bid undervalues the business, and negotiations are continuing.
People Inc. owns more than 40 well-known media brands, including People, Food & Wine, Travel + Leisure, Better Homes & Gardens and Investopedia. Diller has also hired JPMorgan Chase to help secure financing for the potential acquisition.
If the deal is completed, Barry Diller would gain full control of one of the world’s largest casino and resort operators, adding another major company to his media and business empire.