Video Sales Help MGM Narrow Loss
From Bloomberg News
Metro-Goldwyn-Mayer Inc., the studio being sold by billionaire Kirk Kerkorian to an investor group led by Sony Corp., said its third-quarter loss narrowed to $26.7 million partly because of higher home-video sales.
The net loss of 11 cents a share, compared with $32.6 million, or 13 cents, a year earlier, met analysts’ expectations, according to Thomson First Call. Revenue at the Los Angeles-based company fell 12% to $401.3 million from $457 million.
MGM shares rose 3 cents to $11.79 on the NYSE.
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