MGM First-Quarter Earnings Decline on Lack of a James Bond Movie

Privately held MGM has reported a 42% decline in first-quarter earnings to $35.2 million from $61 million in the year-ago quarter, when Daniel Craig’s “Spectre” was still in theaters.

Revenues also declined 15% to $264 million from $311.3 million. MGM released James Bond movie “Spectre” — which grossed $880 million worldwide — in late 2015 while its only theatrical release during the 2017 quarter was horror-thriller “The Belko Experiment,” which grossed $10 million domestically for BH Tilt. Film division revenue fell 36% to $155 million.

MGM’s TV division, led by Mark Burnett, saw revenues soar 75% to $86 million, thanks to “Survivor,” “The Voice,” and “Vikings.”

MGM also reported Tuesday that adjusted EBITDA slid 29% to $88.3 million. MGM cited continued strong performance of TV content business, which grew 26% primarily due to deliveries of new shows, including “Steve Harvey’s Funderdome,” and partial deliveries of “Vikings” (season 5), “Fargo” (season 3), and “The Handmaid’s Tale” (season 1).

Adjusted EBITDA for film content included the pay television premieres of “Me Before You” and “Barbershop: The Next Cut” and the digital performance of “The Magnificent Seven” and “Ben-Hur.” The prior year’s first quarter included strong contributions from “Spectre,” “Creed,” “Hot Pursuit,” “Poltergeist,” and “Max.”

The studio has not yet dated the 25th Bond film and it’s uncertain if  Craig will star. Producers have yet to decide on which studio partner will handle distribution. Sony has handled the last four Bond movies — “Casino Royale,” “Quantum of Solace,” “Skyfall,” and “Spectre.”

More Film

  • James Bond Skyfall

    Universal Wins International Rights to James Bond 25

    Privately held MGM has reported a 42% decline in first-quarter earnings to $35.2 million from $61 million in the year-ago quarter, when Daniel Craig’s “Spectre” was still in theaters. Revenues also declined 15% to $264 million from $311.3 million. MGM released James Bond movie “Spectre” — which grossed $880 million worldwide — in late 2015 […]

  • In 'That Summer,' the Stars of

    In 'That Summer,' the Stars of 'Grey Gardens' Look More Unhinged Than Ever

    Privately held MGM has reported a 42% decline in first-quarter earnings to $35.2 million from $61 million in the year-ago quarter, when Daniel Craig’s “Spectre” was still in theaters. Revenues also declined 15% to $264 million from $311.3 million. MGM released James Bond movie “Spectre” — which grossed $880 million worldwide — in late 2015 […]

  • Alice Eve's Comedy 'Bees Make Honey'

    Film News Roundup: Alice Eve's Comedy 'Bees Make Honey' Set for July Release

    Privately held MGM has reported a 42% decline in first-quarter earnings to $35.2 million from $61 million in the year-ago quarter, when Daniel Craig’s “Spectre” was still in theaters. Revenues also declined 15% to $264 million from $311.3 million. MGM released James Bond movie “Spectre” — which grossed $880 million worldwide — in late 2015 […]

  • China Appoints Wang Xiaohui as Film

    China Appoints Wang Xiaohui as Film Bureau Chief

    Privately held MGM has reported a 42% decline in first-quarter earnings to $35.2 million from $61 million in the year-ago quarter, when Daniel Craig’s “Spectre” was still in theaters. Revenues also declined 15% to $264 million from $311.3 million. MGM released James Bond movie “Spectre” — which grossed $880 million worldwide — in late 2015 […]

  • Morgan Freeman Sexual Harassment

    Morgan Freeman Pulled From Visa Marketing After Harassment Allegations

    Privately held MGM has reported a 42% decline in first-quarter earnings to $35.2 million from $61 million in the year-ago quarter, when Daniel Craig’s “Spectre” was still in theaters. Revenues also declined 15% to $264 million from $311.3 million. MGM released James Bond movie “Spectre” — which grossed $880 million worldwide — in late 2015 […]

  • Boba Fett movie

    ‘Star Wars:’ A Boba Fett Movie Is in the Works

    Privately held MGM has reported a 42% decline in first-quarter earnings to $35.2 million from $61 million in the year-ago quarter, when Daniel Craig’s “Spectre” was still in theaters. Revenues also declined 15% to $264 million from $311.3 million. MGM released James Bond movie “Spectre” — which grossed $880 million worldwide — in late 2015 […]

  • Harvey Weinstein

    Hollywood Reacts to Impending Harvey Weinstein Arrest: 'It's Been a Long Time Coming'

    Privately held MGM has reported a 42% decline in first-quarter earnings to $35.2 million from $61 million in the year-ago quarter, when Daniel Craig’s “Spectre” was still in theaters. Revenues also declined 15% to $264 million from $311.3 million. MGM released James Bond movie “Spectre” — which grossed $880 million worldwide — in late 2015 […]

More From Our Brands

Access exclusive content