Updated version 1 - According to The Wall Street Journal, MGM is in talks to acquire People Inc, owned by Barry Diller.

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Reuters, September 24 - According to a report by The Wall Street Journal on Thursday, MGM Resorts International (MGM.N) is in talks to make a takeover offer for Barry Diller’s People Inc (PPLI.O). Just one day earlier, People Inc had withdrawn its proposal to acquire MGM Resorts International (link).

Shares of New York-based People Inc rose 9% in after-hours trading.

The report, citing people familiar with the matter, said that if MGM decides to move ahead, a takeover bid could be made in the coming days.

This bid marks a surprise attempt by MGM to acquire the company that has long been its largest shareholder.

People (formerly IAC) began increasing its stake in MGM in 2020, when the casino operator’s shares were hit hard by pandemic-related closures and travel restrictions.

According to The Wall Street Journal, the media company currently holds about 27% of MGM, a stake roughly equal in value to the company’s own market capitalization.

MGM has not yet responded to a request for comment from Reuters, while People declined to comment.

(To facilitate non-English speakers, Reuters provides automated translation of its reports into several other languages. Because such automatic translation may contain errors or lack intended context, Reuters does not guarantee the accuracy of translated texts and provides them for readers’ convenience only. Reuters assumes no responsibility for any damage or loss caused by the use of automated translation.)