Key Highlights

● HighSage Ventures and Jennifer Stier disclosed support for a possible acquisition of People Inc by MGM Resorts International.

● Ms. Stier beneficially owns 5,394,779 People Inc shares, or 7.9 percent, based on 68,674,426 shares outstanding.

● A letter dated September 29, 2026 to chairmen Barry Diller and Paul Salem describes People Inc as a flawed security.

● The 13D reports no offer, agreement or negotiation between People Inc and MGM, or any response.

HighSage Ventures LLC and its president, Jennifer Stier, disclosed in a Schedule 13D filed with the SEC on September 29, 2026 that they support a possible acquisition of People Inc (NASDAQ:PPLI) by MGM Resorts International (NYSE:MGM). The filing reports that Ms. Stier beneficially owns 5,394,779 People Inc shares, or 7.9 percent of the outstanding stock, and attaches a letter dated the same day to Barry Diller, People Inc's chairman, and Paul Salem, MGM's chairman. People Inc, formerly known as IAC Inc., trades on NASDAQ under the symbol PPLI.

The Stake

The filing lists HighSage Ventures LLC, a Delaware limited liability company based in Boston, and Ms. Stier as the reporting persons. HighSage reports beneficial ownership of 4,562,068 shares, or 6.6 percent, while Ms. Stier reports 5,394,779 shares, or 7.9 percent, with shared voting and dispositive power alongside HighSage and the entities it manages. The percentages use 68,674,426 shares outstanding as of July 31, 2026, per People Inc's Form 10-Q filed August 3, 2026. The aggregate cost of the shares was approximately $226,203,538, funded from working capital and financing proceeds of entities the reporting persons manage.

Item 4 says the reporting persons initially acquired the shares for investment purposes. It states that on September 25, 2026, following People Inc's withdrawal of its MGM acquisition proposal and news of a potential bid by MGM, they began drafting a supportive letter. The filing says they may engage in further communications about the withdrawn proposal and the proposed bid and reserve the right to buy more shares, sell shares or take other actions.

What the Letter Argues

The letter says it was reported the previous week that MGM is considering acquiring People Inc after People Inc abandoned its pursuit of taking MGM private. HighSage writes that, "at a fair price, this would be a good outcome for all parties," and describes itself as a permanent capital vehicle and a substantial shareholder in both companies for at least several years.

The letter makes several valuation claims that are HighSage's own views. It says People Inc trades at $40 per share while its MGM stake, corporate cash, a limited partnership stake and headquarters alone are worth nearly $45 per share, and that People Inc has $800 million of net cash at the parent. It states that People Inc's roughly 67 million MGM shares represent approximately 27 percent of MGM's shares outstanding, so that an acquisition would let MGM effectively repurchase its own shares.

On structure, the letter offers what it calls an illustrative example: MGM could offer net asset value in some combination of cash and stock, with total share issuance capped at 67 million shares, so that MGM's share count could stay the same or shrink but not grow. The letter describes People Inc as "a flawed security with no natural owner," and asks both chairmen and their advisors to "get into a room and hammer out a transaction." It is signed by Owen M. Wurzbacher, chief investment officer, and Jonathon S. Jacobson, non-executive chairman, with a copy to William J. Hornbuckle.

What the Filing Does Not Show

The 13D does not report any offer, agreement or negotiation between People Inc and MGM, and it does not say that either company has responded. Item 6 states that apart from a joint filing agreement between the reporting persons there are no other material contracts, arrangements, understandings or relationships regarding People Inc securities. The claims about MGM's intentions and the companies' valuations come from the letter and press reports it cites, not from a company disclosure.

HighSage's Letter to the Two Chairmen

The letter asks the chairmen of both companies and their advisors to "get into a room and hammer out a transaction." Whether any transaction is proposed, and on what terms, is not disclosed in the filing.