Harry E. Sloan Re-Ups MGM Contract

LOS ANGELES, August 5:
Harry E. Sloan has inked a new three-year agreement to continue as the chairman
and CEO of Metro-Goldwyn-Mayer Studios (MGM).

Since joining MGM in
October 2005, Sloan has led a number of initiatives to reinvigorate the studio.
His credits include spearheading the negotiations that resulted in moving
forward on two movies based on The Hobbit; forming a partnership with Twentieth Century Fox for distribution
services of MGM's films and TV series for international theatrical and worldwide
home entertainment; and raising $500 million of revolving financing and
bringing in Tom Cruise and Paula Wagner to rebuild the United Artists brand and supply movies for MGM's
distribution. He has also continued to position MGM as a force in all emerging
media by launching MGM HD as its first wholly-owned channel in the U.S. Prior
to joining the studio, Sloan invested in and headed SBS Broadcasting, Lionsgate
Entertainment and New World Entertainment.

Jonathan Nelson, the CEO
of Providence Equity Partners, commenting on behalf of the MGM board, said:
"We appreciate Harry's commitment to building value at MGM and believe he
is executing the right strategy for the company. We are excited about the
future at MGM and look forward to continuing to work closely with Harry and the
MGM management team."

Sloan said: "To
create another page in the storied history of MGM is the most exciting
challenge I’ve had in my career. With the support of the MGM board, we've been
able to make significant progress and I believe the next three years will be a
testament to the power, passion and creative vision of our new management team.
I look forward to working with the members of the MGM board to deliver on MGM's
promise and its future expansion plans."

—By Kristin
Brzoznowski