Metro-Goldwyn-Mayer will be run by a management team of senior executives following the firing of CEO Gary Barber. The announcement came as the studio behind the James Bond films and TV series “The Handmaid’s Tale” revealed robust earnings for 2017. The executives will operate under a newly created and christened “Office of the CEO.”
“We are all energized and focused in executing on our priority growth initiative,” said Chief Operating Officer Chris Brearton in an earnings call with investors on Wednesday. He added that the company’s business partners have been reached out to and reassured after Barber’s ouster, and stressed that “MGM’s commercial relationships remain strong.”
On paper, the studio’s financial situation is healthy. Revenues grew 10% for the year to $1.3 billion, while earnings per-share topped out at $4.72, a 9% increase. Adjusted Ebitda climbed 5% to $423 million, and net income hit $549 million, which was $393 million higher than the prior year.
“We are all energized and focused in executing on our priority growth initiative,” said Chief Operating Officer Chris Brearton in an earnings call with investors on Wednesday. He added that the company’s business partners have been reached out to and reassured after Barber’s ouster, and stressed that “MGM’s commercial relationships remain strong.”
On paper, the studio’s financial situation is healthy. Revenues grew 10% for the year to $1.3 billion, while earnings per-share topped out at $4.72, a 9% increase. Adjusted Ebitda climbed 5% to $423 million, and net income hit $549 million, which was $393 million higher than the prior year.
- 3/28/2018
- by Brent Lang
- Variety - Film News
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