‘Spectre’ Lifts MGM Earnings by 62%

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Courtesy of Sony

Citing strong performance by James Bond movie “Spectre,” MGM Holdings has reported a 62% hike in  profits to $252 million for 2015.

Privately held MGM also reported revenue of $1.56 billion and a record adjusted EBITDA of $381 million for the year.

“MGM delivered another remarkable year of outstanding financial results,” said MGM chairman and CEO Gary Barber in a statement Thursday.

“Our ability to achieve three consecutive years of record profits is a credit to the quality of our content, the depth of our extensive library, and strong execution by our management team. Our acquisition of United Artists Media Group and addition of Mark Burnett to our executive team further bolsters MGM’s position as a leading provider of premium content.”

“Spectre,” the 24th James Bond movie, generated $880 million in worldwide grosses, including $200 million in the U.S.

Adjusted EBITDA was up 5% over 2014 and is the highest in MGM’s history. The 2015 revenue of $1.56 billion improved 8% over the prior year.

“Acquisition of remaining 45% interests in United Artists Media Group (UAMG) and appointment of Mark Burnett as president of MGM Television is anticipated to grow MGM’s television content business in 2016 and beyond,” MGM said.

MGM has interests in “Teen Wolf,” “Vikings,” “Fargo,” “Survivor,” “The Voice” and “Shark Tank.”

The company was partnered on “Spectre” with Sony. Its other 2015 titles included three with Warner Bros. — “Creed,” “Max” and “Hot Pursuit” — along with “Hot Tub Time Machine 2” with Paramount and “Poltergeist” with Fox.

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