Barry Diller's People withdraws bid for MGM Resorts - Reuters

Barry Diller’s media and entertainment company, People, has formally withdrawn its proposed acquisition of MGM Resorts International. The bid, first announced earlier this year, valued the casino operator at approximately $18 billion, including debt.

The withdrawal was confirmed through a statement from People, which said the company had decided not to proceed with the transaction. No alternative offer has been presented, and the parties have indicated that the termination of the bid does not affect any existing business relationships between the two firms.

MGM Resorts, which operates a portfolio of hotels, casinos and entertainment venues worldwide, had been engaged in discussions with People about the potential sale. The company’s board had not yet voted on the proposal at the time of the withdrawal, and no formal agreement had been reached.

The decision to pull the offer comes amid a broader environment of heightened scrutiny on large‑scale mergers in the hospitality and gaming sectors, though no specific regulatory or financing obstacles were cited in the announcement. Both parties indicated that they will continue to explore other strategic options independently.

As a result, the $18 billion transaction will not move forward, and MGM Resorts remains an independent publicly traded company. No further details regarding the timing or next steps for either organization have been disclosed.