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Harry Sloan out as CEO at MGM

Metro-Goldwyn-Mayer Inc. Chief Executive Officer Harry Sloan has been pushed out of his job at the struggling movie studio.

SLOAN Although Sloan will stay on as a non-executive chairman and remain on the studio's board of directors, the company has created an office of the CEO with three senior executives in charge of the studio's operations.

The big three are Mary Parent, the head of MGM's worldwide motion picture group;  Bedi Singh, MGM's chief financial officer; and Stephen Cooper, who has been named vice chairman and whose experience is in capital restructuring.

MGM is scrambling to deal with its heavy debt load of $3.7-billion dollars and has not had a movie in release since last Christmas. Its next scheduled release is a remake of "Fame," which is to debut on Sept. 25.

A media entrepreneur, Sloan was recruited in 2005 to turn the beleaguered studio around by MGM's consortium of investors, which includes Sony Corp. of America, Comcast Corp., Providence Equity Partners and Texas Pacific Group.

-- Claudia Eller

Update (10:49 PM): For more on Sloan's ouster and the future of MGM, see the story in tomorrow's Times.

Photo: Harry Sloan. Credit: Mel Melcon / Los Angeles Times

 
Comments () | Archives (3)

Let Luke Ryan make his movies and MGM will be ok.

This company doesn't know what its doing.
A remake of Fame....are you kidding me.
Milk James Bond for all its worth.
This reminds me of the Roller Ball remake.
This company relies on its huge library and top execs with no original ideas!!

MGM should possibly search for new talent with more sesitivity to what moviegoers today may would go to the movies to see.

With the economy in the depressed state that it is in moviegoers have to WANT to go VIEW MOVIES that they can spend their hard earned money to go see! They have to pick and choose. If they read a movie review or see a commercial about a particular movie the consumer may want to watch; they go, and then leave the movie theater "dissatified," asking themselves, "Why did I waste my money on that?" I know from experience because I have been there and done that!

The movie CRAZE right now seems to be surrounding the PARANORMAL! Not the extreme, flagrant and very graphic movies of late i.e., "The Last Exorcism", "The Exocism of Emily Rose", or even "The Last Right". But more of a more conservative view that from the young to the old would enjoy.

I believe I have a book that I have written entitled "The Baker's Dozen." The book cosists of 13 separate stories within one book. The stories are based upon actual events but they lack the "gore," "guts and blood" in todays paramormal movies.

I would implore you to at least read one of my stories manuscripts to view for yourself of what I am speaking is true!

Please email me at the following address:
confederaterose13@gmail.com

Thank you for your time as I await to hear from you!


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