Bond studio MGM report losses of $32m despite a record breaking 007 box-office

According to IMDB, despite reporting a 20% increase in revenue during its third fiscal quarter, MGM said that it lost $32.6 million, attributing much of the loss to marketing costs for films that were due to be released in the fourth quarter.

The result contrasted with a profit of $11.7 million during the comparable quarter a year ago. The loss, smaller than what analysts had estimated, also included $5.1 million for accounting and legal costs connected with its unsuccessful bid to acquire the U.S. entertainment properties of Vivendi Universal.

Further bad news for the lion came today when the latest distributor rankings were announced. MGM came a lowly 8th in the table, behind the likes of New Line and Paramount.

1 Disney $1.37 billion
2 Sony $1.02 billion
3 Universal $859 million
4 Warner Bros $831 million
5 20th Century Fox $590 million
6 Paramount $584 million
7 New Line $480 million
8 MGM/UA $362 million
9 Miramax $354 million
10 Dreamworks $255 million

Discuss this news here...