MGM Chief Gary Barber Tells Investors He’ll Stay Through 2017
Gary Barber’s new agreement follows last month’s announcement that Roger Birnbaum — who had been co-CEO and co-chairman — will return to movie making. “We are thrilled he has chosen to stay at MGM on an exclusive basis,” Barber says. The CEO told investors on a conference call that the company is poised to see a dramatic rise in revenues in the current quarter with the success of its James Bond movie Skyfall, and the release next month of The Hobbit: An Unexpected Journey in partnership with Warner Bros’ New Line. MGM generated net income of $23.4M in Q3, +55.4% vs the period last year, on revenues of $169.3M, virtually unchanged. In response to a question, Barber declined to update investors about the company’s thinking regarding an IPO. “We will update all stockholders at the appropriate time,” he says. MGM announced in July that it “submitted a draft registration statement on a confidential basis” to the SEC for “a possible initial public offering of its Class A common stock.” JP Morgan and Goldman Sachs are managing the IPO plans.
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