Barry Diller's People Inc. has abandoned its bid to acquire MGM Resorts International, withdrawing an offer made in June to purchase all outstanding shares not already owned by the company for $48.30 per share in cash. Despite owning approximately 27% of MGM, Diller determined that the conditions necessary for a successful takeover were not materialising, stating that "we didn't feel the mix was coming together in the way we had hoped." This withdrawal marks the end of what appeared to be a strategic attempt by the media holding company to expand into hospitality and gaming.

People Inc., which rebranded from IAC earlier this year, continues to hold 66.8 million shares representing 27% of MGM, and Diller indicated the company remains open to other strategic alternatives. MGM Resorts operates 30 hotel and casino properties globally and owns a 50% stake in BetMGM, the online gaming and sports betting platform, through a joint venture with UK operator Entain. Both companies expressed confidence in their positions, with MGM's board committed to leading the company independently and Diller emphasising People Inc.'s strong financial health, with its publishing division achieving its eleventh consecutive quarter of growth.