Daniel Taylor to Resign His Post as President of MGM

Daniel Taylor to Resign His Post as President of MGM

LOS ANGELES, Jan. 26 /PRNewswire/ -- Metro-Goldwyn-Mayer Inc. (MGM), and its strategic partners, a consortium of investors consisting of Providence Equity Partners, Texas Pacific Group, Sony Corporation of America, Comcast Corporation, DLJ Merchant Banking, and Quadrangle Group announced today that Daniel Taylor, President of MGM, has completed the first phase of MGM's transition to its new business model as well as restructuring MGM's operations and will resign his post on January 31, 2006.

(Logo: http://www.newscom.com/cgi-bin/prnh/20011119/MGMLOGO )

"Dan Taylor has done an excellent job in overseeing one of the most complex transactions ever completed by a Hollywood studio," said Harry E. Sloan, Chairman & Chief Executive Officer of MGM. "Also, after the sale of MGM, Dan was successful in planning the implementation of the structural transition of our business operations, which was an incredibly difficult process. He has given us a clean slate to build a powerful content-driven, entertainment concern."

"MGM has been a home to me and I feel privileged to have played a key role in overseeing this important assignment," said Taylor. "I enjoyed the challenge of overseeing the transitional effort as well as restructuring all of MGM's operations. I am proud that MGM is now in a position to be a competitive player in the new media landscape."

A 15-year veteran of MGM, Taylor was instrumental in the structuring and consummation of the sale of MGM to the consortium in April of 2005. Upon completion of the sale, Taylor assumed his new duties as President of MGM. Among his accomplishments, Taylor oversaw 25 operating teams that evaluated every business line of the studio, which involved the coordination and cooperation of more than 1,000 executives. During the process, Taylor was also in charge of the management of 50-plus information systems and real estate on four continents.

Taylor first joined MGM in 1985 as Vice President, where he ultimately participated in the consummation of the sale of the company in 1990 and left shortly thereafter. Taylor rejoined MGM in August of 1997 as Executive Vice President -- Finance and was subsequently promoted to Senior Executive Vice President, Chief Financial Officer in June 1998.

During his tenure, Taylor took on a variety of financial assignments including the structuring of the acquisition financing when Tracinda Corporation and Seven Network purchased MGM in 1996. Subsequently, Taylor helped to take the company public in the fall of 1997 and thereafter was the lead in refinancing the company's bank debt, providing additional capital for the acquisition of library assets and expansion of MGM's businesses.

About Metro-Goldwyn-Mayer Inc.

Metro-Goldwyn-Mayer Inc. is actively engaged in the worldwide production and distribution of motion pictures, television programming, home video, interactive media, music, and licensed merchandise. The company owns the world's largest library of modern films, comprising around 4,000 titles. Operating units including MGM Pictures, United Artists, MGM Television Entertainment, MGM Networks, MGM Distribution Co., MGM Worldwide Television Distribution, MGM Home Entertainment, MGM on Stage, MGM Consumer Products and MGM Interactive. In addition, MGM has ownership interests in international TV channels reaching nearly 110 countries. MGM ownership is currently as follows: Providence Equity Partners (29%), Texas Pacific Group (21%), Sony Corporation of America (20%), Comcast (20%), DLJ Merchant Banking Partners (7%) and Quadrangle Group (3%). For more information, visit www.mgm.com.

Contact: Jeff Pryor
Priority Public Relations
p. (818) 730-0770; e. jeff@prioritypr.net

Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20011119/MGMLOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com
Source: Metro-Goldwyn-Mayer Inc.

CONTACT: Jeff Pryor of Priority Public Relations, +1-818-730-0770,
jeff@prioritypr.net, for Metro-Goldwyn-Mayer Inc.

Web site: http://www.mgm.com/

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