MGM Holdings, the film and TV studio’s privately held parent company, reported a sizable gain in third-quarter net income even as revenue drifted down.
Net income of $112.8 million in the period ending Sept. 30 marked a dramatic increase from the prior year’s $12.4 million, though revenue of $267.7 million slid 10% from $298.7 million a year ago.
During a conference call to discuss the results, chairman and CEO Gary Barber touted several new initiatives at the company, including a new partnership with Annapurna Pictures. As Deadline exclusively reported, the company is very close to a deal for the domestic release of the next James Bond film, but Barber offered little more than a placeholder comment. “Distribution plans still have not been announced,” he said. “We are continuing discussions with a variety of potential partners.”
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Several films in 2018 will benefit from the Annapurna alliance, Barber said, including Deathwish, Valley Girl, Fighting with My Family and the sequel to Creed.
Another major corporate move earlier this year was the company’s acquisition of premium cable network Epix, Television production is on the rise, with 20 shows now on the air, among them the Emmy-winning likes of The Handmaid’s Tale and Fargo, plus major unscripted staples like The Voice and Shark Tank.
The plan for Epix is to increase its supply of firstrun films and consistent originals. “We are investing heavily in this strategy,” Barber said. New Epix chief Michael Wright, who left Amblin and came aboard this week, “brings exceptional television experience and creative instincts,” he added.
Barber closed his introductory remarks by noting he has re-upped through 2022, having shepherded the company through its bankruptcy process, which now is shrinking in the rear-view mirror.
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