MGM slashes nearly 200 jobs after Sony purchase

Just days after Sony Corp. and partners bought Metro-Goldwyn-Mayer Inc., the storied movie studio has let go nearly 200 people from its staff of 1,400, said sources close to the matter on Tuesday - reports Reuters.

MGM said it was assessing its needs and would be restructuring operations going forward.

The Los Angeles Times newspaper reported on Tuesday that MGM was expected to cut its staff down to just 200 in coming months.

Under the acquisition, Sony Pictures will assume distribution responsibilities for MGM's library of movies and TV shows and co-finance and co-produce some projects with MGM. The historic studio has rights to the James Bond and Pink Panther franchises.

In addition to Sony, the other consortium members are Providence Equity Partners, Texas Pacific Group, DLJ Merchant Banking Partners and Comcast Corp. .

Thanks to `JP` for the alert.

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