Founder/Chairman of SBS Broadcasting Brings 20 Years of Leadership
and Strong Investment Track Record in Media and Entertainment
Industries LOS ANGELES, Oct. 24 /PRNewswire/ -- Metro-Goldwyn-Mayer
Inc. (MGM) today announced that Harry E. Sloan, who has built three
successful publicly traded media companies over the past 20 years,
has been named Chairman and Chief Executive Officer. (Logo:
http://www.newscom.com/cgi-bin/prnh/20011119/MGMLOGO ) Sloan, a
member of the MGM Board of Directors, will also invest in MGM and
become part of the ownership group, which includes four private
equity firms and two media companies. 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 invested in and headed three media
companies: SBS Broadcasting, Lions Gate Entertainment Corp., and
New World Entertainment. Most recently, he was Executive Chairman
of SBS Broadcasting, a leading European media company, which he
founded in 1990. The sale of SBS for about $2.6 billion was
completed this month. "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 Chief Executive
Officer 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." Dan Taylor, President of MGM, said, "Harry will be a
tremendous asset to MGM, and I am looking forward to working
closely with him as we pursue new opportunities and continue to
provide quality entertainment to our customers." In 2005, MGM has
co-financed and co-produced six movies with its strategic partner
Sony Pictures Entertainment (SPE), including: -- "The Amityville
Horror" was released on April 15. The film was directed by Andrew
Douglas and stars Ryan Reynolds and Melissa George. -- "Into the
Blue" was released on September 30. The film was directed by John
Stockwell and stars Jessica Alba and Paul Walker -- "Capote" was
released on September 30 under the United Artists banner. The film
was directed by Bennett Miller and stars Philip Seymour Hoffman. --
"Yours, Mine, and Ours" will be released on November 23. The film
was directed by Raja Gosnell and stars Rene Russo and Dennis Quaid.
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 February 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 scheduled to begin
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. Both
air on Sci Fi Channel and are syndicated on broadcast stations
around the world. SG-1 is currently in its ninth season and
Stargate Atlantis is in its second season. Mr. Sloan stepped down
from his position as Executive 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. He
led the Company's initial public offering in 1993. In 1999, SBS
became the largest shareholder of Lions Gate Entertainment. 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 Entertainment Ltd., which he had
purchased in 1983. He led New World's initial public offering in
1985, acquired Marvel Entertainment 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 prime time 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 which he founded in Los Angeles. He received his B.A. degree
from UCLA in 1971 and J.D. degree from Loyola Law School in 1976.
About Metro-Goldwyn-Mayer Inc. Metro-Goldwyn-Mayer Inc. 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 4,000 titles.
Operating units include MGM Pictures, United Artists, MGM
Television Entertainment, MGM Networks, MGM Distribution Co., MGM
Worldwide Television Distribution, MGM Home Entertainment, MGM on
Stage, MGM Consumer Products, MGM Music, MGM Interactive, and MGM
Direct. In addition, MGM has ownership interests in international
TV channels reaching nearly 110 countries. For more information,
visit http://www.mgm.com/ . About Providence Equity Partners Inc.
Providence Equity Partners Inc. is a global private investment firm
specializing in equity investments in media, communications and
information companies around the world. The principals of
Providence Equity manage funds with over $9.0 billion in equity
commitments, including Providence Equity Partners V, a $4.25
billion private equity fund, and have invested in more than 80
companies operating in over 20 countries since the firm's inception
in 1990. Significant investments in addition to MGM include
VoiceStream Wireless, PanAmSat, AT&T Canada, Western Wireless,
eircom, Casema, Kabel Deutschland, Language Line, F+W Publications,
ProSiebenSat.1, Nextel, Warner Music Group, Recoletos, and Bresnan
Broadband Holdings. Providence Equity has offices in Providence,
Rhode Island (headquarters), London and New York. For more
information, please visit http://www.provequity.com/ . About Texas
Pacific Group Texas Pacific Group, founded in 1993 and based in San
Francisco, London and Fort Worth, Texas, is a private investment
partnership managing over $15 billion in assets. TPG has extensive
experience with public and private investments executed through
leveraged buyouts, recapitalizations, spinouts, joint ventures, and
restructurings. TPG seeks to invest in world-class franchises
across a range of industries, including significant investments in
branded consumer franchises (Burger King, Beringer, Ducati), media
and communications (MGM, Findexa, TIM Hellas), retail (Petco,
J.Crew, Neiman Marcus, Debenhams), healthcare (Oxford Health Plans,
IASIS Healthcare, Quintiles Transnational), technology (ON
Semiconductor, MEMC, Lenovo, Seagate), airlines (Continental,
America West), financial services (Endurance Specialty Holdings,
Fidelity National Information Services), and industrials (KRATON
Polymers, British Vita, Grohe), among others. About Sony
Corporation of America Sony Corporation of America, based in New
York City, is the U.S. subsidiary of Sony Corporation,
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 Entertainment, Sony Computer Entertainment America
Inc., and a 50% interest in Sony BMG Music Entertainment, one of
the largest recorded music companies in the world. Sony recorded
consolidated annual sales of over $72 billion for the fiscal year
ended March 31, 2004, and it employs 162,000 people worldwide.
Sony's consolidated sales in the U.S. for the fiscal year ended
March 31, 2004 were $20.4 billion. For more information see
http://www.sony.com/ . About Comcast Comcast Corporation
(NASDAQ:CMCSANASDAQ:CMCSK) (http://www.comcast.com/) is the
nation's leading provider of cable, entertainment and
communications products and services. With 21.4 million cable
customers, 7.7 million high-speed Internet customers, and 1.2
million voice customers, Comcast is principally involved in the
development, management and operation of broadband cable networks
and in the delivery of programming content. The Company's content
networks and investments include E! Entertainment Television, Style
Network, The Golf Channel, OLN, G4, AZN Television, PBS KIDS
Sprout, TV One and four regional Comcast SportsNets. The Company
also has a majority ownership in Comcast-Spectacor, whose major
holdings include the Philadelphia Flyers NHL hockey team, the
Philadelphia 76ers NBA basketball team and two large multipurpose
arenas in Philadelphia. Comcast Class A common stock and Class A
Special common stock trade on The NASDAQ Stock Market under the
symbols CMCSA and CMCSK, respectively. About DLJ Merchant Banking
Partners 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.
About Quadrangle Group LLC Quadrangle Group LLC is a private
investment firm based in New York City with more than $3.8 billion
in assets under management. Quadrangle Capital Partners LP manages
private equity investments in mature and high growth media and
communications companies in the United States and Europe. The firm
was founded in 2000, and its private equity professionals have
extensive experience, knowledge and relationships in the media and
communications sectors. For more information, visit
http://www.quadranglegroup.com/ . Contact Andrew Cole Citigate Sard
Verbinnen 212-687-8080
http://www.newscom.com/cgi-bin/prnh/20011119/MGMLOGO
http://photoarchive.ap.org/ DATASOURCE: Metro-Goldwyn-Mayer Inc.
CONTACT: Andrew Cole of Citigate Sard Verbinnen for
Metro-Goldwyn-Mayer Inc., +1-212-687-8080, Web site:
http://www.mgm.com/ http://www.provequity.com/
http://www.quadranglegroup.com/ http://www.sony.com/
http://www.comcast.com/
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