MGM hires Hollywood veteran to run movie group

13-Mar-2008 • Bond News

Metro-Goldwyn-Mayer Studios Inc. on Thursday said it hired Mary Parent, a former executive with Universal Pictures, to run MGM's global film business, bolstering plans to produce a full slate of movies - reports Reuters.

Parent will oversee production, distribution, marketing and business affairs for the studio that is home to the lucrative James Bond movies.

"We are fortunate to be able to enlist Mary to spearhead what promises to be MGM's most exciting period yet," MGM Chairman Harry Sloan said in a statement.

Sloan was brought to MGM in 2005 to breathe new life into the old studio that had seen several owners in its recent past.

Under Sloan, MGM has partnered with several independent companies such as The Weinstein Co. on film distribution, and it has backed Tom Cruise and Paula Wagner in revitalizing the old United Artists film production company.

Along with Sony Corp's Columbia Pictures, MGM will release a new James Bond movie "Quantum of Solace" later this year, and it is involved in a new movie based on author J.R.R. Tolkien's fantasy book "The Hobbit," which will be executive produced by "Lord of the Rings" director Peter Jackson.

Parent had been a film production executive at New Line Cinema before joining Universal Pictures in 1997. She rose through the ranks to become Vice Chairman at Universal by 2003. Since 2005, she has been a partner with another film executive, Scott Stuber, in their own film company.

MGM is closely-held by investors who include Providence Equity Partners, Texas Pacific Group, Sony Corp of America, and cable TV company Comcast Corp. Other investors are DLJ Merchant Banking Partners and Quadrangle Group.