Former Universal Chair Heads to MGM Worldwide Motion Picture Group

LOS ANGELES, March 13:
Mary Parent, the former vice chairman of worldwide production for Universal
Pictures, has been named chairperson of the Worldwide Motion Picture Group at
Metro-Goldwyn-Mayer Studios (MGM).

In this newly created
position, Parent will be responsible for oversight of worldwide theatrical
production, distribution, marketing and business affairs for MGM. Parent
reports directly to Harry E. Sloan, MGM's chairman and CEO, and to the MGM
Board of Directors.

The company describes the
hire as its latest step in an expansion of the studio and towards
re-establishing MGM as a major Hollywood studio with a commitment to develop,
produce and release a full slate of motion pictures annually. The initiative
began in October 2005, with the recruitment of Sloan, who soon after
orchestrated a strategic plan to revitalize the company’s domestic theatrical
distribution operation. Other milestones of the expansion include the mid-2006
rebuilding of MGM’s worldwide TV operations along with its worldwide video
distribution in a partnership with Twentieth Century Fox; and the November 2006
rebirth of United Artists, which is operated independently by Tom Cruise and Paula
Wagner.

Executives at the company
say MGM's next step to complete this strategy is to bring in the best creative
executives, starting with Parent, to oversee studio development, production and
marketing, leveraging MGM's enormous library and its entertainment franchises
into a fully operating production studio.

“MGM is in the midst of an
evolutionary process, moving from our initial revitalization effort into the
next phase of growth and development,” said Sloan. “As we commence production
on some of the biggest film franchises in Hollywood, we are fortunate to be
able to enlist Mary to spearhead what promises to be MGM's most exciting period
yet. Her production expertise, relationships in the creative community and
distribution and marketing savvy will be instrumental in confirming MGM's
position as a competitive player alongside other major Hollywood studios.”

Parent said: “I look at
what Harry has strategically built and assembled—from ramping up the
distribution efforts of MGM as well as breathing new life into United Artists
with Tom Cruise and Paula Wagner at the helm—and I believe this studio is
poised for a true revitalization. This comes at a great time for the business
and I’m honored to have been chosen to play this role.”

—By Ned Berke