MGM discusses bid for Barry Diller's People Inc, WSJ reports

Sept 24 (Reuters) - MGM ‌Resorts ​International ​is discussing making a bid to purchase Barry Diller’s People Inc, ‌the Wall Street Journal reported on ⁠Thursday, a day after People Inc withdrew its ‌proposal to buy MGM ‌Resorts.

New York-based People's shares rose 9% after the bell.

If it decides to ​proceed, MGM could make its proposal in the coming days, the report ⁠added, citing people familiar with the matter.

The offer represents an ​unexpected attempt by MGM to acquire the company that has been ​its largest shareholder for ‌years.

People, formerly known as IAC, began building its stake in MGM ⁠in 2020, when the casino operator's shares were battered by closures and travel restrictions ⁠due to the COVID-19 pandemic.

The media company's stake ​in MGM, currently around 27%, is worth roughly as much as its own market cap, ‌according to the Journal.

MGM did not immediately respond to a Reuters ‌request for comment, while People declined ⁠to comment.

(Reporting by ‌Natalia Bueno Rebolledo ​in Mexico City and Aatreyee Dasgupta in Bengaluru; Editing by Maju ‌Samuel)

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