Harry E. Sloan Named Chairman & CEO of MGM

Harry E. Sloan Named Chairman & CEO of MGM

Founder/Chairman of SBS Broadcasting Brings 20 Years of Leadership and Strong Investment Track Record in Media and Entertainment Industries

MGM Plans New 'James Bond,' 'Pink Panther' and 'Rocky' Films in 2006

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:CMCSA)(NASDAQ: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 acole@sardverb.com

Photo: NewsCom: 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: Andrew Cole of Citigate Sard Verbinnen for Metro-Goldwyn-Mayer Inc., +1-212-687-8080, acole@sardverb.com

Web site: http://www.mgm.com/ http://www.provequity.com/ http://www.quadranglegroup.com/ http://www.sony.com/ http://www.comcast.com/

------- Profile: Ent