MGM profit triples on 'Skyfall' and 'The Hobbit'

Associated Press

LOS ANGELES (AP) -- MGM Holdings Inc., the movie studio company that helped co-produce "Skyfall" and "The Hobbit," says that its revenue nearly doubled and net income more than tripled to $129 million last year.

The studio is privately held after being taken over by creditors such as Anchorage Advisors and Highland Capital Management when it emerged from bankruptcy protection in early 2011. But it reports its results publicly, in part to drum up investor interest for a possible initial public offering of stock, which the company announced it was preparing for in July.

The company said Monday that revenue rose 97 percent to $1.38 billion for the full year. Net income more than tripled from $37.8 million a year earlier.

MGM co-produced the James Bond movie "Skyfall" with the Broccoli family's Eon Productions and Sony Pictures, while the first of three "Hobbit" pictures was co-produced with Warner Bros.

Each film has grossed over $1 billion at theaters worldwide.

The next Bond film is set for release in 2014 while the second part of "The Hobbit," subtitled "The Desolation of Smaug" is due for release Dec. 13.