Key facts
- Arkhouse asked People to repurchase at least $750 million of shares through a Dutch auction tender offer.
- Arkhouse said People had nearly $1 billion in cash at the parent-company level and no debt.
- Arkhouse said the New York headquarters could draw buyers near $300 million, against an estimated $230 million purchase price.
- Arkhouse urged People to issue contingent value rights tied to net proceeds from its litigation against Alphabet.
- People withdrew its more than $18 billion bid for MGM Resorts in September, leaving about a 27% stake.
Activist investor Arkhouse called on Barry Diller's media company People to repurchase at least $750 million of shares through a Dutch auction tender offer and to sell its New York headquarters, according to a letter sent to Chairman Diller and the board on Thursday, Reuters reported on November 5, 2026.
Arkhouse, a longtime shareholder, said in the letter that People was trading at a substantial discount to the value of its underlying assets. The investor said the company had nearly $1 billion in cash at the parent-company level and no debt, giving it the financial flexibility to pursue the proposed measures.
Arkhouse said it believed the New York headquarters could attract buyers at valuations approaching $300 million, compared with People's estimated purchase price of about $230 million for the building and underlying land. It also urged People to issue contingent value rights to shareholders representing their proportionate share of net proceeds from the company's litigation against Alphabet over alleged damages.
The investor said it is also evaluating a potential transaction involving People. People withdrew its more than $18 billion bid for MGM Resorts in September after the proposed deal failed to come together, leaving the media company with about a 27% stake in the casino operator. People shares were up about 1.8% in premarket trading.