Gary Barber’s new agreement follows last month’s announcement that Roger Birnbaum — who had been co-CEO and co-chairman — will return to movie making. “We are thrilled he has chosen to stay at MGM on an exclusive basis,” Barber says. The CEO told investors on a conference call that the company is poised to see a dramatic rise in revenues in the current quarter with the success of its James Bond movie Skyfall, and the release next month of The Hobbit: An Unexpected Journey in partnership with Warner Bros’ New Line. MGM generated net income of $23.4M in Q3, +55.4% vs the period last year, on revenues of $169.3M, virtually unchanged. In response to a question, Barber declined to update investors about the company’s thinking regarding an IPO. “We will update all stockholders at the appropriate time,” he says. MGM announced in July that it “submitted a draft registration statement on a confidential basis” to the SEC for “a possible initial public offering of its Class A common stock.” JP Morgan and Goldman Sachs are managing the IPO plans.
MGM Chief Gary Barber Tells Investors He’ll Stay Through 2017
What's Hot on Deadline
Ryan Eggold, Who Played Fan Favorite Tom Keen In 'The Blacklist,' Joins Spike Lee's 'Black Klansman'
Latest Business News
- Weinstein Co. Bidder Emerges, Promises Majority Female Leadership
- Ava DuVernay & Ryan Coogler Celebrate People Of Color In Film: “A Hero Doesn’t Have To Be Defined So Narrowly”…
- Earle Hyman Dies: Veteran Broadway Actor, Cosby TV Dad Was 91
- President Donald Trump On LaVar Ball Diss: “I Should Have Left Them In Jail!”
- Mel Tillis Dies: The Country Music Hall Of Famer And Actor Was 85
- NFL Anthem Protests Week 11 – Kneeling Continues After Veteran’s Day Respite