Metromedia losses widen in 1st quarter

Metromedia Intl. Group Inc.’s first-quarter losses widened compared to year-ago results, the company reported Thursday.

For the quarter ended March 31, the East Rutherford, N.J.-based company reported a loss of $22.2 million, compared to a $19.1 million loss for the same period last year. MMG’s first-quarter operating loss also widened — to $13.6 million from $10.1 million in 1996.

The company’s revenue jumped to $103.4 million, compared to $30.8 million last year, thanks to the consolidation of Snapper as well as acquisitions in the company’s entertainment division, including Motion Picture Corp. of America and Samuel Goldwyn Co.

MMG’s entertainment group reported a first-quarter operating loss of $3.4 million, compared to $2.7 million last year.

MGM agreed last month to acquire Metromedia Entertainment Group. The deal is expected to be completed by the end of summer.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Biz News from Variety

Loading