MGM Sees Strong Revenue Gains Due to TV Content

Variety | 11/15/2018 | Dave McNary
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MGM Holdings has reported a strong 42% third-quarter revenue hike to $380.2 million, thanks to higher television revenues.

In a filling Thursday on its investor relations website, privately held MGM also disclosed that its earnings slid to $25.3 million from $114.2 million in the year-ago quarter and adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) declined to $34.5 million from $90.8 million, which the company said was due to higher expenses-related investment spending on growth initiatives, including increased programming costs for its Epix channel, higher marketing expenses for Epix, expanded theatrical distribution, and higher overhead due to the acquisitions of Epix, Evolution, and Big Fish.

Quarter - Film - Impairment - Charges - MGM

The third quarter included “unanticipated film impairment charges” totaling $19.7 million. MGM did not identify which title was the source of the charges. It also said this was partially offset by $32 million of higher adjusted EBITDA from “robust” licensing activity for “Vikings,” as well as deliveries of new episodes of “Vikings” (Season 6) and “The Handmaid’s Tale” (Season 2).

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Volume - Shows

“We also continued to deliver a high volume of unscripted shows, including...
(Excerpt) Read more at: Variety
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