IAC plans People Inc. name change and sharper focus on MGM stake
IAC said it plans to change its name to People Inc., likely in August, and focus its corporate emphasis on publishing and its 26% stake in MGM Resorts International. Chairman Barry Diller said he will remain chairman and senior executive while overseeing the investment; IAC and MGM have agreed that IAC will vote its shares in proportion to other MGM investors in specified circumstances.
The planned rebrand and voting arrangement affect how a major MGM shareholder presents and exercises its stake.