Metro-Goldwyn-Mayer, the 88-year-old Hollywood studio that emerged from bankruptcy in late 2010, has filed for a possible public offering of its stock that would allow the former debt holders that are now its owners to start selling their holdings.
Beverly Hills-based MGM's plans were disclosed in a brief statement explaining that it has filed a draft registration statement for an IPO with the Securities and Exchange Commission. There was no information about when the company might go through with the IPO or at what price.
Although it is private, MGM has publicly disclosed its quarterly financial results for the last year as part of an agreement with its owners. The company has become profitable by slashing its costs and selling its library of more than 4,000 movies and 10,000 television episodes to overseas networks and digital distributors.
It has had mixed success so far with its cautious return to the movie business, losing money on a minority investment in Sony Pictures' "The Girl with the Dragon Tattoo" but posting a profit on "21 Jump Street." Its larger-scale upcoming productions include the new James Bond picture "Skyfall," "The Hobbit: There and Back Again," and remakes of "Carrie" and "Robocop."