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MGM adjusted profit gains on film, TV sales

(Reuters) - The MGM movie studio said adjusted profit rose in the second quarter on higher revenue from home entertainment sales of the James Bond movie "Skyfall" and "The Hobbit: An Unexpected Journey."

Net income for the quarter that ended in June totaled $35.9 million, a $30 million increase when excluding a one-time gain from the year-ago sale of Latin American pay TV channels. Without the asset sale, second-quarter profit fell 16 percent from $42.6 million.

Revenue rose 164 percent to $339 million, lifted by home entertainment sales of its movies and licensing of TV shows including "Vikings."

MGM, the 88-year-old movie studio synonymous with the golden age of Hollywood, exited bankruptcy protection in 2010. In July 2012, MGM said it had filed confidentially for an initial public offering.

(Reporting by Lisa Richwine; Editing by Peter Galloway, Bernard Orr)

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