People Inc: MGM Stake Now Exceeds The Entire Market Cap (Rating Upgrade)
People Inc.'s 66.8 million-share stake in MGM is now worth approximately $2.9 billion, exceeding the company's $2.86 billion market capitalization. The company's publishing business is improving, with Q2 adjusted EBITDA rising to $73 million and 2026 EBITDA guidance being raised, while holdco cash is estimated at about $939 million including proceeds from a planned $189 million LP-interest sale.
Why it matters — A PPLI watcher would care because the value of the company's MGM stake surpassing its entire market cap, combined with improving publishing results and a large cash position, highlights a notable gap between its holdings and its market value.