People Inc.'s profit more than doubled in the second quarter, boosted by gains from its stake in casino company MGM Resorts International.

People Inc., which owns its namesake publishing business and The Daily Beast, on Monday posted a quarterly profit of $506.9 million, or $6.68 a share, up from $211.5 million, or $2.57 a share, a year earlier. Analysts polled by FactSet expected a loss of 40 cents a share.

The increase was driven by an unrealized gain on the company's investment in MGM of $721.7 million, up from $307.4 million in the year-ago period.

People Inc., which has a stake in MGM valued at about $3 billion, offered to take over the company in June in a deal that would value it at around $12.4 billion. The Wall Street Journal reported earlier last month that MGM had set up a special committee to evaluate the proposal and had begun negotiations, and that some inside MGM believe the offer undervalues the company. The hotel and casino company confirmed during an earnings call last week that it is currently assessing the offer.

People Inc., formerly known as IAC, said revenue ticked down 1%, to $436.7 million, compared with analyst estimates of $433.8 million.

People, which makes up most of the parent company's top line, recorded a 2% decline. While People's digital revenue rose, driven by higher licensing and performance marketing sales, the growth was more than offset by a decline in print revenue as the company continues to optimize its portfolio, and as audiences and advertising spend continues to shift toward digital platforms.

For the full year, the company continues to expect digital revenue for People to increase mid- to high-single digits this year, and forecasts growth for its emerging and other segment.

The results and guidance come amid sweeping changes at the company, including a recent name change and an upcoming leadership transition as it consolidates its corporate functions with People.

The company changed its name to People Inc. from IAC and started trading under the symbol PPLI in June.

Under the transition, set to take effect Aug. 5, People's Chief Executive Neil Vogel and Chief Financial Officer Tim Quinn would take on the same respective roles at the parent company. Former IAC officers Christopher Halpin, chief operating officer and chief financial officer, and Kendall Handler, chief legal officer and secretary, are expected to transition to advisor roles through the end of March 2027, and Barry Diller will continue as chairman.

The company said the consolidation of its corporate functions with People remains on track, estimating corporate annual run-rate operating expense of about $45 million and annual stock-based compensation expense of about $30 million following the completion of the transition in the first quarter of next year.