MGM’s Quarterly Loss Nearly Doubles
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Metro-Goldwyn-Mayer Inc. said its second-quarter loss nearly doubled after the disappointing performance of its lone major release in the quarter, “Windtalkers.”
The Santa Monica-based studio said its net loss was $121.8 million, or 48 cents a share, compared with a loss of $61.3 million, or 26 cents, in the same period last year.
“Windtalkers,” a World War II film starring Nicolas Cage and directed by John Woo, cost more than $100 million to make but has made only about $40 million.
MGM closed down 91 cents at $9.44 on the New York Stock Exchange.
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