MUMBAI: Harry E. Sloan has signed a new three year agreement to continue as the chairman and CEO of Metro-Goldwyn-Mayer Studios Inc.
On behalf of the MGM Board, Providence Equity Partners CEO Jonathan Nelson said, "We appreciate Harry’s commitment to building value at MGM and believe he is executing the right strategy for the company. We are excited about the future at MGM and look forward to continuing to work closely with Harry and the MGM management team."
Sloan added, "To create another page in the storied history of MGM is the most exciting challenge I’ve had in my career. With the support of the MGM Board, we’ve been able to make significant progress and I believe the next three years will be a testament to the power, passion and creative vision of our new management team. I look forward to working with the members of the MGM Board to deliver on MGM’s promise and its future expansion plans."
Since joining the studio in October 2005, Sloan has taken numerous steps to rebuild the studio as a full fledged production and distribution operation.
These include:
— The recruitment of former Universal Pictures executive Mary Parent as chairman of MGM’s Worldwide Motion Picture Group and former News Corp and Sony Pictures financial veteran Bedi Singh as president, finance and administration and CFO.
— Spearheading the negotiations which resulted in moving forward two movies based on The Hobbit.
— Revitalizing a global television sales force with offices throughout the world.
— Forming a partnership with Twentieth Century Fox for distribution services of MGM’s films and TV series for International Theatrical and Worldwide Home Entertainment.
— Raising $500 million of revolving financing and bringing in Tom Cruise and Paula Wagner to rebuild the United Artists brand and supply movies for MGM’s distribution.
— Continuing to position MGM as a player in all emerging media by launching MGM HD as its first wholly-owned channel in the U.S. It is now broadly distributed on all major US platforms and there is an aggressive rollout of The MGM Channel around the world.
