People Inc. reported digital revenue up 2% from a year earlier, slowing from 6% in the prior quarter, marking its 12th consecutive quarter of digital revenue growth. Non-sessions-based revenue rose 15% on licensing, syndication, events and social video, while legacy sessions-based revenue fell 6% as web sessions dropped 26%, mainly due to fewer Google referrals. Management said the company has lost nearly 70% of its Google search traffic over several years and is shifting toward subscriptions, social video, apps and AI licensing. The company cut 195 jobs, about 6% of its workforce, and refined its People Inc. EBITDA outlook to $330 million-$345 million. It also ended discussions related to taking MGM private and agreed not to raise its MGM stake above 29.9% through further purchases.
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