MGM Emerges With Broader Distribution Activities

MGM Emerges With Broader Distribution Activities

LOS ANGELES, May 30 /PRNewswire/ -- Revitalized by the recent reinvigoration of its motion picture distribution and marketing organization as well as by the formation of its New Media division, Metro-Goldwyn-Mayer Studios Inc. (MGM) continues along its evolutionary path, controlling its library. To that end, MGM will be reestablishing its worldwide television distribution efforts, by bringing the business back in-house. Similarly, the studio will no longer divide its home entertainment releases between Sony Pictures Entertainment and 20th Century Fox home entertainment divisions, but will instead consolidate its home entertainment business with Fox. Additionally, MGM and Fox will continue their successful international theatrical distribution relationship.

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

MGM's library, recognized as the largest modern library in the world, encompasses 4,000 movie titles and 10,000-plus episodes of television programming, a large number of such titles and episodes are available for home entertainment release.

MGM Chairman and Chief Executive Officer Harry Sloan, in announcing the new structural changes, said: "MGM's motion picture distribution business is growing rapidly as we will release some 80 new feature films in North America over the next four years. We are now ready to turn our attention to our television and home entertainment distribution businesses. In so doing, we have identified another important opportunity to build out our business by returning our worldwide television sales operations in-house and by consolidating our home entertainment releases with a single distributor."

The changes do not affect Sony's distribution of the upcoming James Bond release, "Casino Royale," due out in theatres this November. Additionally, MGM and Sony have extended their relationship in regards to the Bond franchise with both MGM and Sony agreeing to co-produce and co-distribute the next Bond movie, as well as "Pink Panther" and others to be determined. MGM and Sony, along with Revolution Studios are also teaming up in a co-financing arrangement on "Rocky Balboa," which will be released by MGM on December 22, 2006.

About Metro-Goldwyn-Mayer Inc.

Metro-Goldwyn-Mayer Inc., through its operating subsidiaries 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, which is comprised of more than 4,000 titles. Operating units including Metro-Goldwyn-Mayer Studios Inc., Metro-Goldwyn-Mayer Pictures Inc., United Artists Films Inc., MGM Television Entertainment Inc., MGM Networks Inc., MGM Distribution Co., MGM International Television Distribution Inc., Metro-Goldwyn-Mayer Home Entertainment LLC, MGM ON STAGE, MGM Music, MGM Consumer Products and MGM Interactive. In addition, MGM has ownership interests in international TV channels reaching nearly 110 countries. Under the supervision of new Chairman and CEO Harry Sloan, MGM is revitalizing all areas of the company. As a result, the studio is now being positioned as an independent, vertically integrated multi-media company. 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 mgm.com.

CONTACT: Jeff Pryor
Executive Vice President/Corporate Communications
Metro-Goldwyn-Mayer Inc.
e. jpryor@mgm.com; o. 310-449-3446

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, Executive Vice President/Corporate Communications
of Metro-Goldwyn-Mayer Inc., +1-310-449-3446, jpryor@mgm.com

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

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