MGM Outlines Financial Woes

Associated Press

Metro-Goldwyn-Mayer Inc. has lost more than $1 billion since 1994, hasn’t turned a profit since 1988 and probably won’t for several more years, the studio said in documents filed for a stock sale.

The prospectus, filed Thursday with the Securities and Exchange Commission, shows that Chairman Frank Mancuso received a $14-million bonus when French bank Credit Lyonnais sold the studio to Kirk Kerkorian and Kerry Stokes last fall.

The Santa Monica-based studio hopes to raise $232.5 million with the initial public offering to trim debt of about $800 million.