MGM buys back its own shares ahead of 'SPECTRE' windfall
MGM sees the marketâs skittishness about media as an opportunity to buy its own privately traded shares, which it considers undervalued. The studio told lenders and others today in a conference call that since the end of Q2 it has repurchased about 700,000 of its shares - reports Deadline
The studio had a relatively quiet quarter ahead of a potential windfall when it releases the latest James Bond film, Spectre, due in the U.S. in November.
In Q2 the company generated $37.0 million in net income, down 9.1% vs the period last year, on revenues of $272.3 million, down 13.1%. Overseas sales might be hurt by the strong dollar.
TV licensing revenues were up 15% in the quarter to $159.6 million with Skyfall making its first appearance on U.S. broadcast TV.
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