Harry E. Sloan Signs New Three Year Agreement to Continue as MGM Chairman and Chief Executive Officer

Harry E. Sloan Signs New Three Year Agreement to Continue as MGM Chairman and Chief Executive Officer

LOS ANGELES, Aug. 4 /PRNewswire/ -- Harry E. Sloan has signed a new three year agreement to continue as the Chairman and Chief Executive Officer of Metro-Goldwyn-Mayer Studios Inc., it was announced today.

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

Jonathan Nelson, Chief Executive Officer, Providence Equity Partners, on behalf of the MGM Board, 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 said: "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 & Chief Financial Officer.

-- 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.

Prior to joining MGM, Sloan invested in and headed three media companies: SBS Broadcasting, Lions Gate Entertainment Corp., and New World Entertainment. He served as Executive Chairman of SBS Broadcasting, a leading European media company which he founded in 1990 and sold in 2005 for about $2.6 billion.

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

First Call Analyst:
FCMN Contact:

Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20080804/LAM080
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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