Former MGM movie chief Mary Parent gets producing deal at Paramount

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After an ill-fated 2 1/2-year run as head of the motion picture group at Metro-Goldwyn-Mayer, Mary Parent has signed a production deal at Paramount Pictures.

The kind of arrangement that Parent signed, whereby Paramount funds the overhead and development of projects in exchange for a first look at her company’s movie ideas, is becoming inceasingly rare as studios cut back on expenses and release fewer pictures.

However, Parent has been one of the most high-profile Hollywood executives out of work since she left MGM in October shortly before the studio entered Chapter 11 bankruptcy. During her time at MGM, she was able to make only a few movies, because the company ran short on funds and became unable to afford payments on its $5-billion debt load soon after she joined.

Before joining MGM she was a top production executive and then a producer at Universal Pictures.

Parent’s new arrangement at Paramount was first reported by Deadline.com.

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MGM movie chief Mary Parent negotiating to exit studio

-- Ben Fritz