MGM Posts Record Profits Without Help from James Bond

L.A. Biz: MGM may not have had a 007 adventure in theaters last year, but the studio still reported record profits for 2014. MGM Holdings, the parent company of Metro-Goldwyn-Mayer, posted revenue of $1.44 billion for the year ended Dec. 31, down 5% from the year before, but net income rose to $156 million, up 27% from 2013. Revenue was driven largely by the company’s television licensing business, which rose 18% to $644.4 million in 2014. MGM attributed this growth to higher revenue from its new TV content including “Teen Wolf,” “Vikings” and “Fargo.”