MGM

June 1 (UPI) — People Inc. issued an $18 billion takeover bid for MGM Resorts, CEO Barry Miller announced Monday.

People Inc., which already owns 26.1% of the outstanding common stock of MGM, offered to acquire all remaining outstanding shares for $48.30 per share. The offer represents a 10.6% premium over MGM Resorts’ closing price Friday and 30% premium to the stock’s volume-weighted average price for 90 days.

“We began investing in MGM nearly six years ago because we believed it represented a rare kind of business: one with real-world assets that [artificial intelligence] cannot easily replicate or disintermediate and exceptional digital growth opportunities,” said Miller, who is also chairman of the board at People Inc.

“We continue to believe the market materially undervalues the power and durability of MGM’s assets. We believe MGM’s management team is superb and that there is a compelling opportunity to support MGM’s next phase of growth and help unlock its full value.”

Diller also sits on the board of directors at MGM.

People Inc., previously known as Dotdash Meredith until a 2025 rebranding, is a digital media company that operates dozens of brands, including People magazine, Investopedia, Serious Eats, Entertainment Weekly and Martha Stewart Living.

An Amazon MGM Studios executive allegedly solicited kickbacks from an aspiring vendor in exchange for post-production contract awards on shows, according to a recently filed lawsuit.

Joe Eckardt, owner and president of Hollywood-based postproduction services firm Unbreakable Post, alleged that the studio’s head of postproduction, Frank Salinas, told him during a business lunch in 2023 that Salinas could “ensure” Unbreakable Post would be included as an approved vendor to bid on Amazon-affiliated projects.

Salinas would give Eckardt the target budget number for his company’s bid and “effectively guarantee that Unbreakable would be awarded the work,” the lawsuit states.

After the contract was awarded, Eckardt would then pay Salinas a percentage of the project value as a kickback, the lawsuit says.

After Eckardt refused, he alleges that his contract opportunities with Amazon dried up.

He states in the lawsuit that although he had done “substantial” work, served as a postproduction consultant or selected vendor on shows such as the Mexico, Brazil and Argentina productions of the reality series “Temptation Island” and the third season of documentary series “Coach Prime,” he was not selected by Amazon for a contract with those projects.

In 2025, Eckardt alleges that he reported Salinas’ conduct to Amazon and after six months of information gathering, the company told him that “its investigation had concluded and that the allegations were ‘not substantiated.’”

Amazon MGM Studios did not respond to a request for comment. Salinas declined to comment.

Eckardt’s lawsuit was filed Wednesday in Los Angeles County Superior Court. He alleges that he lost more than $1 million in contracts, income and future business opportunities. He is seeking a jury trial.