US film and television producer and distributor MGM has replaced Harry Sloan as chief executive and replaced him with a three man team.
Sloan, who will remain as chairman, will be replaced by Mary Parent, the former Universal exec who is currently chair of the motion picture group, chief financial officer Bedi Singh and recently hired consultant Stephen Cooper. Cooper, who has worked on the Enron bankruptcy and also restructured the Krispy Kreme doughnuts chain, has been brought in to restructure the company’s finances, which have been under pressure for some time.
Sloan, the former SBS boss, was hired as chairman and chief executive in October 2005 and renewed his contract for three years in August 2008.
While, film and television production is expected to continue in the short term, the company is expected to undergo a number of radical changes with the possibility of selling its film distribution operation or partnering with rival studios such as Warner Bros or Lionsgate.
The company, which is owned by private equity firms Providence Equity and TPG as well as Sony, Comcast, DLJ Merchant and the Quadrangle Group, recently hired investment bank Moelis & Co to help restructure its debt payments, which are thought to be around US$250 million per year.
MGM is currently working on a number of international coproductions with British public broadcaster the BBC; a TV remake of Robert De Niro-fronted action movie Ronin with Spooks indie Kudos and a 4x1hour mini series based on Meryl Streep’s 1981 drama The French Lieutenant’s Woman.