MGM Posts Record Financial Results Courtesy of 'Spectre'
For the year, MGM posted $381 million in adjusted earnings before interest, taxes, depreciation and amortization, up 5 percent over the previous year.
MGM Holdings on Thursday reported that 2015 marked the third time the parent of Metro-Goldwyn-Mayer earned record annual profits, this time driven by the James Bond movie Spectre.
For the year, MGM posted $381 million in adjusted earnings before interest, taxes, depreciation and amortization, up 5 percent over the previous year. Revenue rose 8 percent to $1.56 billion.
Net income for MGM soared 62 percent to $252 million, in large part due to a one-time tax benefit.
MGM has a piece of several successful TV shows, including Teen Wolf, Vikings, Fargo and a slew of reality shows from newly named executive Mark Burnett, including Survivor, The Voice and Shark Tank.
Internally developed films in the works at MGM include Ben Hur, Barbershop: The Next Cut, Me Before You and The Magnificent Seven. The studio has partnered on 23 Jump Street and Gnomeo & Juliet: Sherlock Gnomes.
Beyond Spectre, which was an MGM-Sony partnership, MGM movie partnerships in 2015 were Creed, Max, Poltergeist, Hot Pursuit and Hot Tub Time Machine 2.