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MGM Reports Narrowed Q3 Loss

Oct 26, 2004  •  Post A Comment

Metro-Goldwyn-Mayer, the studio that recently agreed to be acquired by an investment team led by Sony Corp., reported a narrowed third-quarter loss Tuesday.

The film studio, whose shareholders have yet to approve the $4.7 billion deal that would sell MGM to Sony, reported a third-quarter loss of $26.7 million, or 11 cents a share, compared with a year-earlier loss of $32.6 million, or 13 cents a share.

Revenue, meanwhile, fell 12 percent to $401.3 million, hurt by a decline in feature-film revenue. However, the company’s television operation reported an 11 percent rise in revenue to $69.5 million, lifted by strong results for the “Stargate Atlantis” and “Dead Like Me” series.