MGM puts 'Office of CEO' in place
Details
Michelle Clancy
| 30 March 2018

Metro-Goldwyn-Mayer has announced that a new executive management team will collectively act as the 'Office of the CEO,' following the firing of CEO Gary Barber.

The studio also announced year-end revenues of $1.3 billion, a 10% jump, while earnings per-share saw a 9% lift to $4.72. Profit for the year came in at $549 million, $393 million higher than the prior year. The robust results were attributable to MGM consolidating its control of the cable channel Epix during the year, and robust licensing fees for its popular television programming, like The Voice.

"We are all energised and focused in executing on our priority growth initiative," said MGM COO Chris Brearton in an earnings call with investors. He added that "MGM's commercial relationships remain strong."

Brearton also mentioned the new management scheme. "The board has empowered this talented group of leaders to partner with one another and to lead the company with a mission to drive greater collaboration across the organisation," he said. "We are fully committed to the mission and co-invested in each other's success."