MGM buys back its own shares ahead of 'SPECTRE' windfall

MGM sees the market�s skittishness about media as an opportunity to buy its own privately traded shares, which it considers undervalued. The studio told lenders and others today in a conference call that since the end of Q2 it has repurchased about 700,000 of its shares - reports Deadline.

The studio had a relatively quiet quarter ahead of a potential windfall when it releases the latest James Bond film, Spectre, due in the U.S. in November.

In Q2 the company generated $37.0 million in net income, down 9.1% vs the period last year, on revenues of $272.3 million, down 13.1%. Overseas sales might be hurt by the strong dollar.

TV licensing revenues were up 15% in the quarter to $159.6 million with Skyfall making its first appearance on U.S. broadcast TV.

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