A little over year since emerging from bankruptcy, Metro-Goldwyn-Meyer may become a public company.
The studio's owners said Wednesday that they have submitted a draft registration statement on a confidential basis to the U.S. Securities and Exchange Commission, exploring an initial public offering of its Class A common stock.
MGM was taken over by Spyglass chiefs Gary Barber and Roger Birnbaum after it exited Chapter 11 in December 2010. At the time, the studio secured some $500 million in exit funding, which it used to help keep operations running and to fund its portion of the production on "The Hobbit" and the James Bond sequel, "Skyfall."
MGM has also invested in movies such as "The Girl with the Dragon Tattoo" and "21 Jump Street," and signed streaming deals for its library of some 4,000 films.
Though a private company, the studio has released earnings information since leaving bankruptcy. In 2011, MGM reported operating income of $79 million and revenue of $699 million, studio executives said last March.
© 2022 Thomson/Reuters. All rights reserved.