MGMB MGM Holdings Inc (GM)

Mark Burnett, a prolific television producer whose credits include "Survivor" and "Shark Tank," has been named president of Metro-Goldwyn-Mayer Inc.'s television and digital unit.

MGM, which last year acquired 55% of Mr. Burnett's television and film operations for $400 million, is buying the remaining 45% in deals worth about $230 million, the company said in a statement Monday. As part of the pact, MGM's United Artists Media Group, which housed the 45% stake in Mr. Burnett's assets, will be folded into the MGM Television Group.

Under the terms of the deal, Mr. Burnett and his wife and business partner, Roma Downey, will exchange their 23% interest in United Artists Media Group for about 1.3 million shares of MGM stock, which is traded on private markets and valued at $90 a share. The remaining 22% stake is being acquired for $113.5 million in cash from Hearst Corp., which also has a venture with Mr. Burnett. MGM is controlled by a group of hedge funds led by Anchorage Capital Group LLC.

Besides Mr. Burnett's productions, which include the NBC hit "The Voice," some other MGM shows are FX's critically acclaimed drama "Fargo" and History Channel's "Vikings." MGM also holds the rights to "The People's Choice Awards."

"It really makes MGM TV very robust immediately," Mr. Burnett said, adding that putting his operation under the MGM banner with its larger operations will give him a bigger team to "move the ball forward." Mr. Burnett, who is often credited with popularizing the reality-TV genre, signed a five-year contract with MGM.

Roma Khanna, the current head of MGM's television operations, is leaving the company as a result of the pact with Mr. Burnett.

Write to Joe Flint at joe.flint@wsj.com

(END) Dow Jones Newswires

December 14, 2015 18:55 ET (23:55 GMT)

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