People Incorporated withdraws proposal to acquire all public shares of MGM Resorts

IAC Inc.

Withdrew unsolicited proposal to buy all outstanding MGM Resorts shares not already owned; no deal pursued at this time.
Still holds 66.8 million MGM shares (~27% stake); Diller affirms confidence in MGM management and prospects.
Principal publishing business reports 11th consecutive quarter of growth; company has cash for investment and buybacks.
Remains open to and interested in a future strategic transaction with MGM Resorts, considering alternatives.

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