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MGM Takes A Loss On ‘Dragon Tattoo’ And Seeks Better Terms For Sequels (Deadline Hollywood)
If you think that _The Girl With The Dragon Tattoo_ was a hit, then talk to
MGM Holdings CEO Gary Barber. His company co-financed the film, and although
it has generated about $231M at worldwide box offices he tells investors who
own MGM's unlisted shares that "it is below our expectations and we booked a
modest loss." The company wouldn't say how much it wrote down, but Barber
notes that execs "were hoping we'd do 10% more than we did." MGM has an option
to co-finance the other two films in the trilogy and is talking to Sony about
following through "assuming we can achieve better economics." He was much more
upbeat about the early performance of _21 Jump Street_, which MGM also co-
financed. "We expect it to be profitable," Barber says. He adds that "MGM has
entered 2012 as a revitalized company." He declined to describe MGM's strategy
but says it is "evaluating all options." The call followed the release of the
company's annual report which dropped a few interesting tidbits about the
company that emerged from bankruptcy protection toward the end of December
2010. Last year MGM spent $30.3M to repurchase about 1.5M shares, ...
Deadline Hollywood
