Harry E. Sloan, a member of the MGM board of directors, has been named chairman/ceo of Metro-Goldwyn-Mayer Inc. Sloan will also invest in MGM and become part of the ownership group, which ownership is currently as follows: Providence Equity Partners (29%), Texas Pacific Group (21%), Sony (20%), Comcast (20%), DLJ Merchant Banking Partners (7%), and Quadrangle Group (3%).
Sloan, 55, brings extensive leadership and investment experience in the media and entertainment industries to MGM. He has built three successful publicly traded media companies over the past 20 years: SBS Broadcasting, Lions Gate Ent. Corp., and New World Ent. Most recently, he was exec chairman of SBS Broadcasting, a leading European media company, which he founded in 1990 and sold this month for about $2.6 billion.
"Harry has a superb track record in developing both content and distribution businesses and in exploiting growth opportunities in emerging technologies," said Jonathan M. Nelson, current chairman of MGM and ceo of Providence Equity Partners, MGM's largest shareholder. "He has a thorough understanding of MGM's business and opportunities, and we believe he is the right leader to help us build on the company's strong foundation. Now that he has successfully completed his work at SBS, we look forward to working with him on a full-time basis as our partner in growing the business and creating value for our investors."
Sloan said, "I am pleased by the opportunity to lead MGM into the future. This is a vibrant company with a superb brand name and an unparalleled range of film and television content. I plan to pursue MGM's many compelling growth opportunities in the domestic and international markets. The proliferation of digital channels and other new content delivery options is dramatically increasing the demand for the quality content MGM can provide.
MGM's long-term value is not based solely on its huge library, but on the many opportunities our team will have to create new content that builds on MGM's powerful franchises. I look forward to working with my MGM partners and the talented MGM employees to make the company a strong player in the creative community and to grow the business significantly in the years ahead."
In 2005, MGM has co-financed and co-produced six movies with its strategic partner Sony Pictures Ent. (SPE), including: THE AMITYVILLE HORROR, released on April 15, INTO THE BLUE, released on September 30 and CAPOTE, released on September 30 under the United Artists banner. Upcoming is in 2005 is YOURS, MINE AND OURS, to be released on November 23.
In addition, in 2006, MGM plans to produce and co-finance a slate of new movies with SPE, including three from its most significant franchises: Pink Panther, Rocky and James Bond.
THE PINK PANTHER will be released on Feb. 10, 2006. The film was directed by Shawn Levy and stars Steve Martin, Kevin Kline and Beyonce Knowles.
ROCKY BALBOA is scheduled to begin shooting in early 2006. Sylvester Stallone will direct and star in the film.
CASINO ROYALE, the new JAMES BOND film, is starts shooting in early 2006. The film will be directed by Martin Campbell and star Daniel Craig as James Bond.
ART SCHOOL CONFIDENTIAL will be released in the spring of 2006 under the United Artists banner. The film is directed by Terry Zwigoff and stars Max Minghela, Sophia Myles and John Malkovich.
BLOOD AND CHOCOLATE will be released in 2006. The film is directed by Katja Garnier and stars Agnes Bruckner.
THE WOODS will be released in 2006 under the United Artists banner. The film was directed by Lucky McKee and stars Patricia Clarkson, Bruce Campbell and Agnes Bruckner.
ROMANCE AND CIGARETTES will be released under the United Artists banner. The film is directed by John Turturro and stars James Gandolfini, Susan Sarandon, Kate Winslet, Mandy Moore, Christopher Walken and Steve Buscemi. A release date for this film has not yet been set.
MGM also produces and owns STARGATE, the most successful science fiction franchise currently on television. Airing on SCI FI Channel and syndicated on broadcast stations around the world. SG-1 is currently in its ninth season and STARGATE ATLANTIS is in its second season.
Sloan stepped down from his position as exec chairman of SBS Broadcasting upon the completion of its sale on October 19. After starting SBS in 1990, Sloan built the company into the second largest broadcaster in Europe with 16 television stations, 21 premium pay channels and 11 radio networks, reaching 100 million people across Europe.
In 1999, SBS became the largest shareholder of Lions Gate Ent. Lions Gate has since become a premier independent producer and distributor of motion pictures, television programming, home entertainment and video-on-demand content. Its film library is one of the largest in the industry. Sloan was chairman of the board of Lions Gate until April 2005.
Prior to founding SBS, Sloan had served as chairman of New World Ent. Ltd., which he had purchased in 1983. He led New World's initial public offering in 1985, acquired Marvel Ent. Group in 1986, and sold the business in 1989. When he acquired New World in 1983, it was a small, private independent motion picture producer and distributor. Under his leadership, New World grew into a fully integrated, publicly traded media company releasing 30 films per year. It was also the third largest supplier of primetime television programming to the U.S. networks and the largest U.S. independent film and video distributor.
From 1976 to 1983, Sloan was a practicing entertainment lawyer with Sloan, Kuppin and Ament, a law firm he founded in Los Angeles.
MGM (www.mgm.com) is 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 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 Direct. In addition, MGM has ownership
