Rick Sands named Chief Operating Officer of MGM

31-Jan-2006 • Bond News

Metro-Goldwyn-Mayer Inc. (MGM) today announced that Rick Sands, most recently the President and Chief Operating Officer of DreamWorks SKG and the former Chief Operating Officer of Miramax Films, has been named Chief Operating Officer of MGM. The announcement was made today by Harry E. Sloan, Chairman & Chief Executive Officer of MGM - reports Yahoo.

In this newly created position, Sands takes on the initial responsibilities of leveraging and managing the world's largest modern film and television library across all platforms including the new media landscape of internet and mobile as well as the traditional channels of distribution -- television, video and international. The MGM library is comprised of approximately 4,000 titles and over 10,400 episodes of television programming. Its film library has received 208 Academy Awards, one of the largest award winning collections in the world, and includes numerous successful film franchises including James Bond 007, Pink Panther and Rocky. In his new role, Sands will also devise plans to identify new content and channel opportunities for MGM with the company's strategic equity partners, including Sony Corporation of America and Comcast Corporation.

As the new COO at MGM, Sands will also supervise the company's finance, operations and business affairs. Sands' appointment is effective immediately and he will be based at the company's corporate headquarters in Century City, Calif.

In making the announcement, Sloan stated: "I am thrilled to have Rick join MGM's executive leadership team, where we will benefit immensely from his solid experience and great track record in managing and growing entertainment libraries at such leading companies as DreamWorks, Miramax and Hallmark Entertainment. Rick has a long history of working with extensive entertainment assets and this is key to furthering the exploitation of our content."

Sands added: "To be involved with MGM is a rare opportunity, having the ability to take an existing brand and to build an even stronger content-based leading enterprise. With the sweeping changes in the distribution business, I plan to bring a unique approach to the MGM library and to create new value and content. I also look forward working with Harry Sloan to expand what is at present one of the blue chip content providers in the industry."