Mgm Roars Back With Two Blockbusters
What a difference a couple of movies can make to the financial health of their studio. MGM, which had long lost its roar, came bounding back to life in 2012 thanks to the success of two films in which the studio was only a part-owner, Skyfall and The Hobbit: An Unexpected Journey. The fourth-quarter blockbusters pushed the studio's revenue to $1.38 billion, nearly twice what it was over the previous year. Earnings before interest, taxes, depreciation, and amortization (EBITDA) for 2012 came to $286 million, up 48 percent over 2011. I am very pleased with our strong results for 2012, reinforcing my optimism about the future of MGM, chairman/CEO Gary Barber said in a statement. With back-to-back films each grossing worldwide box office in excess of $1 billion, MGM now has two of the top 15 films in box-office history. Two additional Hobbit films are slated to be released in December of this year and December of 2014. No date has yet been set for the next Bond film.