Mary Parent Named Chairperson, Worldwide Motion Picture Group Metro-Goldwyn-Mayer Studios Inc.

Mary Parent Named Chairperson, Worldwide Motion Picture Group Metro-Goldwyn-Mayer Studios Inc.

LOS ANGELES, March 13 /PRNewswire/ -- Heralding an expansion at Metro-Goldwyn-Mayer Studios Inc. (MGM), Mary Parent, former Vice Chairman of Worldwide Production for Universal Pictures, has been named Chairperson, Worldwide Motion Picture Group at the studio. In this newly created position, Parent will be responsible for oversight of worldwide theatrical production, distribution, marketing and business affairs for MGM. Parent reports directly to Harry E. Sloan, MGM's Chairman and Chief Executive Officer, and to the MGM Board of Directors.

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This move signals a big step forward in re-establishing MGM as a major Hollywood studio with a commitment to develop, produce and release a full slate of motion pictures annually.

Since joining MGM in October 2005, Sloan has been orchestrating a strategic game plan that began with revitalizing MGM's domestic theatrical distribution operation. This was followed by the mid-2006 rebuilding of MGM's worldwide TV operations along with its worldwide video distribution in a partnership with Twentieth Century Fox. In November of 2006, another important milestone was achieved with the rebirth of United Artists, which will continue to be operated independently by Tom Cruise and Paula Wagner, as a new source of product and franchises and backed by a $500 million production facility from Merrill Lynch. By the end of 2007, MGM navigated the way and announced two important movies with Peter Jackson based on THE HOBBIT.

With that accomplished, MGM's next step to complete this strategy is to bring in the best creative executives, starting with Parent, to oversee studio development, production and marketing, leveraging MGM's enormous library and proven entertainment franchises into a fully operating production studio.

In making the announcement, Sloan stated: "MGM is in the midst of an evolutionary process, moving from our initial revitalization effort into the next phase of growth and development. As we commence production on some of the biggest film franchises in Hollywood, we are fortunate to be able to enlist Mary to spearhead what promises to be MGM's most exciting period yet. Her production expertise, relationships in the creative community and distribution and marketing savvy will be instrumental in confirming MGM's position as a competitive player alongside other major Hollywood studios."

Parent said, "I look at what Harry has strategically built and assembled -- from ramping up the distribution efforts of MGM as well as breathing new life into United Artists with Tom Cruise and Paula Wagner at the helm -- and I believe this studio is poised for a true re-vitalization. This comes at a great time for the business and I'm honored to have been chosen to play this role."

MGM is planning an exciting fall and winter release schedule. In partnership with Sony Pictures Entertainment, MGM will bring new installments of two of its tentpole franchises -- the new James Bond movie QUANTUM OF SOLACE and Steve Martin in PINK PANTHER 2. MGM will also release United Artists' international thriller VALKYRIE, starring Tom Cruise on October 3. With the appointment of Parent, MGM will enter its new phase of evolution by focusing on its major movie franchises highlighted by JAMES BOND and PINK PANTHER sequels, THE HOBBIT, THOMAS CROWN AFFAIR 2, THE OUTER LIMITS, ROBOCOP, DEATH WISH and FAME, among others.

During her tenure at Universal, Parent oversaw the planning, development and production of the studio's annual slate of films. Parent was responsible for many of the studio's most critically acclaimed and commercially successful films and franchises: MEET THE PARENTS, MEET THE FOCKERS, THE 40-YEAR-OLD VIRGIN, SEABISCUIT, THE BOURNE IDENTITY, THE BOURNE SUPREMACY, THE AMERICAN PIE franchise as well as the Academy Award winning GLADIATOR, a co-production with DreamWorks. Parent originally joined Universal in 1997 as a Senior Vice President and rose steadily through the ranks eventually becoming Vice Chairman in 2003. Since 2005, she has been partnered with Scott Stuber in an exclusive producing deal on the Universal lot. Prior to joining Universal, Parent served as Vice President of Production at New Line Cinema. She began her career as an agent trainee at ICM.

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, comprising around 4,100 titles. Operating units include Metro-Goldwyn-Mayer Studios Inc., Metro-Goldwyn-Mayer Pictures Inc., United Artists Films Inc., Ventanazul, MGM Television Entertainment Inc., MGM Networks Inc., MGM Domestic Networks LLC, MGM Distribution Co, MGM International Television Distribution In, Metro-Goldwyn-Mayer Home Entertainment LLC, MGM ON STAGE, MGM Music, MGM Worldwide Digital Media, MGM Consumer Products and MGM Interactive. In addition, MGM has ownership interests in international TV channels reaching nearly 120 countries. MGM ownership is as follows: Providence Equity Partners (29%), TPG (21%), Sony Corporation of America (20%), Comcast (20%), DLJ Merchant Banking Partners (7%) and Quadrangle Group (3%). For more information, visit http://www.mgm.com/.

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

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Source: Metro-Goldwyn-Mayer Inc.

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

Web site:

http://www.mgm.com/

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