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Dan Taylor Named New President of MGM

Daniel Taylor has been appointed president of Metro-Goldwyn-Mayer Inc., following completion of the sale of MGM to the consortium now acquiring the film/TV studio and its library. The investor group consists of Providence Equity Partners, Texas Pacific Group, DLJ Merchant Banking, Sony Corp. of America and Comcast Corp.

MGM is currently in the process of being acquired by the Consortium for $12.00 in cash per share, plus the assumption of MGM's approximately $2.0 billion in debt. The transaction remains subject to several closing conditions, including obtaining European Union regulatory approval and the completion of financing.

Taylor will be responsible for overseeing all operations of the independent privately-held MGM, including development and production of a smaller slate of theatrical and television product through co-financing and distribution with Sony. He will also help leverage the world's largest modern film library while working with Comcast identifying new platform, content and channel opportunities for MGM.

"On behalf of the consortium, we are pleased and fortunate that Dan will be leading MGM, said Michael J. Angelakis, md at Providence Equity Partners. We have known Dan for several years, and his extensive experience at MGM and his knowledge of the media business will be invaluable. We are confident that Dan and the management team he is currently assembling will provide strong and effective leadership at MGM."

"Dan's unparalleled history with MGM and his familiarity with the consortium members makes him uniquely qualified to build on MGM's remarkable assets and distinguished past," added Kelvin Davis of Texas Pacific.

"I am honored to be selected to lead MGM as we enter this exciting new era, and I am confident that our legacy will endure," said Taylor. "Working with our two libraries, Sony and MGM will now be able to provide access to the world's largest collection of film and television content, while we continue to aggressively pursue new technology and distribution options that will create a host of new opportunities and choices for consumers for many years to come."

Taylor has spent nearly eight years at MGM, most recently as sevp/cfo, overseeing all financial functions as well as its worldwide post-theatrical distribution and information services, while playing a key role as a member of the management team responsible for MGM's overall corporate strategy and business development. He rejoined MGM in August 1997 as evp, corporate finance.

Prior to his most recent tenure at MGM, he was an executive for Tracinda Corp. Taylor had been at MGM from 1985 to 1991, after beginning his association with the company in 1983 while working at Arthur Andersen & Co. as a senior tax manager.

MGM (www.mgm.com), through its MGM Studios subsidiary, produces and distributes entertainment product worldwide (4,000 film titles), including motion pictures, television programming, home video, interactive media, music and licensed merchandise. Its operating units include MGM Pictures, United Artists, MGM Television Ent., MGM Networks, MGM Distribution Co., MGM Worldwide Television Distribution, MGM Home Ent., MGM On Stage, MGM Consumer Products, MGM Music, MGM Interactive and MGM Online. In addition, MGM has ownership interests in international television channels reaching more than 120 countries on six continents.

Sony Corp. of America (www.sony.com), based in New York City, is the U.S. subsidiary of Sony Corp., headquartered in Tokyo. Sony is a leading manufacturer of audio, video, communications and information technology products for the consumer and professional markets. Its music, motion picture, television, computer entertainment and online businesses make Sony one of the most comprehensive entertainment companies in the world. Sony's principal U.S. businesses include Sony Electronics Inc., Sony Pictures Ent., Sony Computer Ent. America Inc., and a 50% interest in Sony BMG Music Ent., one of the largest recorded music companies in the world.

Providence Equity Partners Inc. (www.provequity.com) with offices in Providence, New York and London is one of the world's leading private investment firms specializing in equity investments in media and communications companies. The principals of Providence Equity manage funds with over $9 billion in equity commitments and have invested in more than 70 companies operating in over 20 countries since the firm's inception in 1991. Current and previous areas of investment include cable television content and distribution, wireless and wireline telephony, publishing, radio and television broadcasting and other media and communications sectors. Significant investments include VoiceStream Wireless, Warner Music Group, PanAmSat, AT&T Canada, eircom plc, Casema, Kabel Deutschland, Language Line, F&W Publications, ProSiebenSat.1, and Bresnan Broadband Holdings.

Texas Pacific Group, founded in 1993 and based in Fort Worth, Texas, San Francisco and London, is one of the world's leading private investment firms managing more than $13 billion in assets. TPG looks to invest in world-class franchises across a range of industries, including significant investments in branded consumer franchises (Burger King, Del Monte, Ducati), leading retailers (Petco, J.Crew, Debenhams U.K.), healthcare (Oxford Health Plans, Quintiles Transnational), technology companies (ON Semiconductor, MEMC, Seagate), and airlines (Continental, America West).

Comcast Corp. (www.comcast.com) is principally involved in the development, management and operation of broadband cable networks, and in the provision of programming content. The largest provider of cable and broadband services in the U.S., Comcast serves more than 21 million cable television customers and more than 6 million high-speed Internet customers. The company's content businesses include majority ownership of Comcast Spectacor, Comcast SportsNet, E! Entertainment Television, Style Network, G4techTV, The Golf Channel, International Channel and Outdoor Life Network.

DLJ Merchant Banking Partners (DLJMB) is a leading private equity investor that has a 19-year record of investing in leveraged buyouts and related transactions across a broad range of industries. DLJMB, with offices in New York, London, Houston and Buenos Aires, is part of Credit Suisse First Boston's Alternative Capital Division (ACD), which is one of the largest alternative asset managers in the world with more than $36 billion of assets under management. ACD is comprised of $20 billion of private equity assets under management across a diverse family of funds, including leveraged buyout funds, mezzanine funds, real estate funds, venture capital funds, fund of funds and secondary funds, as well as more than $16 billion of assets under management through its hedge fund (both direct and fund of funds), leveraged loan and CDO businesses.

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