{"id":27180,"date":"2016-02-18T13:28:04","date_gmt":"2016-02-18T18:28:04","guid":{"rendered":"https:\/\/bejone03.expressions.syr.edu\/trf235\/?p=27180"},"modified":"2016-04-25T15:44:43","modified_gmt":"2016-04-25T19:44:43","slug":"mgm-8","status":"publish","type":"post","link":"https:\/\/bejone03.expressions.syr.edu\/trf235\/2016\/02\/18\/mgm-8\/","title":{"rendered":"MGM"},"content":{"rendered":"
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MGM Logo [1]<\/a><\/p><\/div>\n

Finances<\/strong><\/p>\n

After a bankruptcy declaration in 2011, Metro-Goldwyn-Mayer<\/a> has regained its position\u00a0as a profitable major film studio in the last five years. MGM Studios is owned by the larger parent company of MGM Holdings Inc., a company formed from what was formerly Spyglass Entertainment [2]<\/a>. In 2015, the studio made $1.56 billion in revenue, resulting in an operating income of $258.78 million. This was up from $1.44 billion and $243.03 million, respectively, in 2014. 2015 was the company’s third consecutive year of posting record revenue and income. MGM Holdings\u2019 total assets currently stand at $3.045 billion [3]<\/a>.\u00a0The studio has been in the process of repurchasing its stocks since its bankruptcy, and in March\u00a0announced that $300 million more would be added to their repurchasing plan. The ramping up of the repurchasing plan has been taken as a sign of confidence in the company\u2019s continued growth [4]<\/a>.<\/p>\n

Recent Acquisitions<\/strong><\/p>\n

In January of 2016, MGM fully acquired the United Artists Media Group, a film and television production company that had been a joint venture with Mark Burnett<\/a>, Roma Downey and Hearst Productions. MGM had acquired a 55% stake in Burnett, Downey and Hearst’s One Three Media and LightWorkers Media in September 2014, and relaunch the companies as United Artists. As of January 2016, all revenues, expenses and assets of United Artists are now consolidated under the MGM name [5]<\/a>.<\/p>\n

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Gary Barber [6]<\/a><\/p><\/div>

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Mark Burnett [7]<\/a><\/p><\/div>

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Jonathan Glickman [8]<\/a><\/p><\/div><\/p>\n

Executives<\/strong><\/p>\n

MGM’s three top executives are Chairman and Chief Executive Officer Gary Barber, President of the Television and Digital Group Mark Burnett, and President of the Motion Picture Group Jonathan Glickman. Barber and Glickman were previously the heads of Spyglass Entertainment, where Barber oversaw the production of a total of $5 billion in box office productions. MGM became the first studio to release back-to-back films making over $1 billion at the box office under Barber’s leadership with The Hobbit: An Unexpected Journey\u00a0<\/em>and Skyfall<\/em>.\u00a0\u00a0Burnett was named to his position in January 2016, when MGM fully acquired his United Artists company. His former\u00a0United Artists\u00a0co-owner Roma Downey is President of LightWorkers Media, which is now the “faith and family division of MGM Television” [9]<\/a>.<\/p>\n

Current Releases<\/strong><\/p>\n

\"20160409134323!How_To_Be_Single_Poster\"<\/a>

How To Be Single [14]<\/a><\/p><\/div>MGM has only released two films thus far in 2016, both of which were coproduced with New Line Cinema and were distributed by New Line’s parent studio\u00a0Warner Brothers [10]<\/a> [11]<\/a>. These films were\u00a0How To Be Single<\/a>\u00a0<\/em>and\u00a0Barbershop: The Next Cut<\/a><\/em>, both relatively small-scale but still distinctly mainstream offerings, opening in 3,343 and 2,661 theaters respectively.\u00a0How To Be Single\u00a0<\/em>was by far the more successful, bringing in $46.8 million in domestic box office revenue and a total of $105.3 million worldwide, against a production budget of $38 million [12]<\/a>.\u00a0Barbershop\u00a0<\/em>was less successful, though not necessarily a flop. It brought\u00a0in $20.2 million in its opening weekend (April 15-17) against\u00a0predictions in the high-$20 millions range. Its production budget has not been released to the press [13]<\/a>. These films also show that MGM is willing to target underserved demographics with their films, with\u00a0How To Be Single\u00a0<\/em>being described as attempting to be a “feminist rom-com” and\u00a0Barbershop <\/em>being\u00a0<\/em>specifically marketed towards African-Americans.<\/p>\n

Upcoming\u00a0Releases<\/strong><\/p>\n

MGM has three more coproductions with release dates in 2016, each with their own significant potential for profit.<\/p>\n