Report: MGM considering public ownership
Wednesday - July 25, 2012
Metro-Goldwyn-Mayer, Inc. executives are exploring taking the historic studio public, Deadline reports.
Though the studio that owns the Stargate franchise isn’t talking publicly about the move, it has reportedly included language in a press release stating that it has “submitted a draft registration statement on a confidential basis” to the SEC for “a possible initial public offering of its Class A common stock.”
The studio is presently owned by a collection of private shareholders, the largest of whom of is billionaire financier Carl Icahn. It emerged from bankruptcy restructuring at the end of 2010, and ended 2011 with a net income of $37.8 million, according to Deadline.
Its current film projects include The Hobbit (co-financed with New Line) and G.I. Joe: Retaliation (co-financed with Viacom/Paramount).
MGM also owns the James Bond franchise as well as Rocky, The Pink Panther, and a film library of more than 4,000 classic titles — one of the largest in the world. It has its own home entertainment distribution arm, as well as film-making units MGM Studios and United Artists.
(Thanks to Lyle for the tip)
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