Legendary studio Metro-Goldwyn-Mayer posted record profits in 2014 even as revenues were down. Variety reports that the absence of a James Bond feature contributed to lower revenue, while the studio got a boost on the TV side from “Vikings.”
“Revenue at the entertainment company behind 007 and ‘The Hobbit’ hit $1.44 billion, down 5.8% from $1.53 billion in the previous year. Net income at the company topped out at $156 million for the calendar year ending December 31, 2014, up 27% from $122.2 million in 2014,” Variety reports.
In a statement, MGM Chairman and CEO Gary Barber said: “The continued strength and performance of our new content as well as that of our library assets, across all platforms, further supported by strategic acquisitions and partnerships have helped MGM earn its highest annual profits in its modern history for the second consecutive year.”
The Variety report notes: “In television, MGM scored with the critically lauded ‘Vikings.’ The company also launched a joint venture with Mark Burnett, Roma Downey and Hearst Productions to field faith-based programming, dubbed United Artists Media Group. That 55% stake in the joint venture is already contributing important revenues, adding $25.5 million to its results.”