MGM Resorts is discussing making a bid to purchase Barry Diller’s People Incorporated, which owns a roughly 27% stake in MGM, according to people familiar with the matter.
It is an unusual turn of events that comes just after People withdrew its own bid to buy the casino and resort company. If it decides to proceed, MGM could make its proposal in the coming days, the people said. It could still change course.
People, which owns titles including People magazine, Food & Wine and Southern Living, as well as stakes in car-sharing company Turo and the Daily Beast, has a market value of around $2.7 billion.
