New chairman and CEO named for MGM following Sony take-over

25-Oct-2005 • Bond News

Harry Sloan, who left SBS Broadcasting following the completion of its sale of Permira/KKR last week, has made an investment in MGM and has been named chairman and CEO of the studio - reports World Screen.

Sloan becomes a member of the MGM Board of Directors and part of the ownership group, which includes Providence Equity Partners (29 percent), Texas Pacific Group (21 percent), Sony (20 percent), Comcast (20 percent), DLJ Merchant Banking Partners (7 percent), and Quadrangle Group (3 percent).

Sloan was most recently executive chairman of SBS Broadcasting, which he founded in 1990 and sold for about $2.6 billion this month. As chairman, he succeeds Jonathan M. Nelson, the CEO of Providence Equity Partners, the largest shareholder in MGM. Nelson noted, "Harry has a superb track record in developing both content and distribution businesses and in exploiting growth opportunities in emerging technologies. He has a thorough understanding of MGM's business and opportunities, and we believe he is the right leader to help us build on the company's strong foundation. Now that he has successfully completed his work at SBS, we look forward to working with him on a full-time basis as our partner in growing the business and creating value for our investors."

Sloan added, "This is a vibrant company with a superb brand name and an unparalleled range of film and television content. I plan to pursue MGM's many compelling growth opportunities in the domestic and international markets. The proliferation of digital channels and other new content delivery options is dramatically increasing the demand for the quality content MGM can provide.”

This year, MGM has co-financed and co-produced six movies with its strategic partner Sony Pictures Entertainment (SPE), including The Amityville Horror, Into the Blue and Capote. Next year, the studio plans to produce and co-finance several movies with SPE, including new titles from the Pink Panther, Rocky and James Bond franchises.

The Pink Panther will be released on February 10, 2006, with Steve Martin, Kevin Kline and Beyonce Knowles. Rocky Balboa is scheduled to begin shooting in early 2006 and will be directed by and star Sylvester Stallone. Casino Royale, the new James Bond film, is scheduled to begin shooting in early 2006. It will be directed by Martin Campbell and star Daniel Craig as James Bond.

Thanks to `JP` for the alert.