MGM Holdings, parent of Metro-Goldwyn-Mayer, the movie studio that is bankrolling half of the production of “The Hobbit” movies, benefited from a bump in TV licensing revenue during its third quarter.
Net income in the three months through Sept. 30 fell 29 percent, to $16.6 million, from $23.4 million a year ago. However, last year’s results were boosted by a one-time $48.5 million gain from the sale of some MGM international TV channels.
An adjusted profit measure that excludes interest, taxes, depreciation and amortization more than doubled to $64.4 million.
Sales grew 43 percent to $242.9 million, mainly because of higher TV licensing revenue.