MGM reported earnings for the first quarter of 2018 that were down significantly compared to same quarter a year ago. Part of the reason for the decline was the $15.36 million the studio said it paid in severance to ousted CEO Gary Barber.
MGM, which is a private company, reported net income of $858,000 in the quarter, compared with income of $35.68 million during the same period a year ago.
Revenue for the quarter was $271.53 million, up from $264.15 million last year.
Film revenue fell to $105.72 million from $162.92 million a year ago and revenue at the studio’s TV content segment fell to $55.33 million from $86.44 million. Revenue for MGM’s media networks, however, rose to $110.48 million from $14.79 million during the same quarter a year ago.
Also Read: MGM Ducks Gary Barber's Departure in Yearly Earnings Call
Since Barber’s departure in March, MGM has been run by a new leadership structure called “Office of the CEO,...
MGM, which is a private company, reported net income of $858,000 in the quarter, compared with income of $35.68 million during the same period a year ago.
Revenue for the quarter was $271.53 million, up from $264.15 million last year.
Film revenue fell to $105.72 million from $162.92 million a year ago and revenue at the studio’s TV content segment fell to $55.33 million from $86.44 million. Revenue for MGM’s media networks, however, rose to $110.48 million from $14.79 million during the same quarter a year ago.
Also Read: MGM Ducks Gary Barber's Departure in Yearly Earnings Call
Since Barber’s departure in March, MGM has been run by a new leadership structure called “Office of the CEO,...
- 5/17/2018
- by Trey Williams
- The Wrap
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