Acquisition of Metro-Goldwyn-Mayer Completed MGM Names New Senior
Management Team LOS ANGELES, April 8 /PRNewswire-FirstCall/ --
Metro-Goldwyn-Mayer Inc. (NYSE:MGM) announced today that a
consortium comprised of Sony Corporation of America, Providence
Equity Partners, Texas Pacific Group, Comcast Corporation
(NASDAQ:CMCSANASDAQ:CMCSK) and DLJ Merchant Banking Partners
completed its acquisition of the Company. This transaction
establishes MGM as one of the world's largest privately held,
independent motion picture, television and home video companies.
(Logo: http://www.newscom.com/cgi-bin/prnh/20011119/MGMLOGO) "Today
we begin a new, exciting chapter in the life of MGM," said Dan
Taylor, President of MGM. "With our strong financial and strategic
partners, we look forward to building on MGM's exceptional legacy
and capitalizing on emerging technologies and markets to provide
consumers worldwide more opportunities to enjoy the world's largest
modern library of films and television programming. We look forward
to a very bright future for MGM." MGM also announced today several
key senior management appointments. Charles Cohen will serve as
Executive Vice President of the Company. Mr. Cohen had served as
Executive Vice President of Finance and Corporate Development at
MGM since May 1997. Jim Packer will serve as Executive Vice
President of Television Distribution. Mr. Packer had served as
Executive Vice President, Television Distribution - North America
since 2001. Blake Thomas will serve as Executive Vice President of
Home Entertainment Distribution. Mr. Thomas served previously as
Executive Vice President of Worldwide Marketing since 2000. Bruce
Tuchman has been appointed Executive Vice President of MGM
Networks. Mr. Tuchman had served as head of MGM Networks since July
2001. Travis Rutherford has been named Executive Vice President of
Consumer Products and Location-Based Entertainment. Mr. Rutherford
had served as Senior Vice President of MGM's Consumer Products and
Interactive since January 2001. Going forward, MGM expects to
benefit from operating agreements with Sony Pictures Entertainment
(SPE) under which SPE will assume certain distribution
responsibilities for MGM's library of 4,000 films and 10,400
television episodes through SPE's global distribution network,
which currently distributes SPE's library of 3,500 films and 35,000
television episodes. In addition, MGM expects to co-finance new
films with SPE and co-produce some of these new projects. These
films will be distributed and marketed by SPE. MGM will continue to
develop new original television programs and is currently
completing production on the ninth season of "Stargate SG-1" and
the second season of "Stargate Atlantis," which will both premiere
this summer. Sony Pictures Television will assume production
management for certain MGM television content. In addition to the
operating agreements with SPE, MGM also expects to benefit from
distribution agreements with Comcast. MGM content will be available
on Comcast's video on demand platform and on new cable channels
operated by Comcast and jointly owned by Comcast, SPE and the
members of the consortium. Films currently slated for release by
MGM will proceed on schedule. The Company expects to release "The
Amityville Horror" on April 15 and "Into the Blue," "Romance and
Cigarettes," "The Woods," "The Pink Panther" and "Art School
Confidential" in the fall of this year. MGM and the consortium
announced on September 23, 2004 that they had entered into an
agreement related to this acquisition. The agreement was adopted by
MGM shareholders on December 17, 2004. In accordance with the terms
of the agreement, stockholders of MGM will receive $12.00 in cash,
without interest, for each MGM share held. About
Metro-Goldwyn-Mayer Inc. Metro-Goldwyn-Mayer Inc. is an
independent, privately-held motion picture, television, home video,
and theatrical production and distribution company. The company
owns the world's largest library of modern films, comprising
approximately 4,000 titles, and over 10,400 episodes of television
programming. Its film library has received 208 Academy Awards, one
of the largest award winning collections in the world, and includes
numerous successful film franchises, including "James Bond," "Pink
Panther" and "Rocky." MGM is owned by an investor consortium
comprised of Sony Corporation of America, Providence Equity
Partners, Texas Pacific Group, Comcast Corporation and DLJ Merchant
Banking Partners. For more information, visit http://www.mgm.com/.
About Sony Corporation of America Sony Corporation of America,
based in New York City, is the U.S. subsidiary of Sony Corporation,
headquartered in Tokyo. Sony is a leading manufacturer of audio,
video, communications, and information technology products for the
consumer and professional markets. Its music, motion picture,
television, computer entertainment, and online businesses make Sony
one of the most comprehensive entertainment companies in the world.
Sony's principal U.S. businesses include Sony Electronics Inc.,
Sony Pictures Entertainment, Sony Computer Entertainment America
Inc., and a 50% interest in Sony BMG Music Entertainment, one of
the largest recorded music companies in the world. Sony recorded
consolidated annual sales of over $72 billion for the fiscal year
ended March 31, 2004, and it employs 162,000 people worldwide.
Sony's consolidated sales in the U.S. for the fiscal year ended
March 31, 2004 were $20.4 billion. For more information see
http://www.sony.com/. About Providence Equity Partners Inc.
Providence Equity Partners Inc. is one of the world's leading
private investment firms specializing in equity investments in
media and communications companies. The principals of Providence
Equity manage funds with over $9 billion in equity commitments and
have invested in more than 80 companies operating in over 20
countries since the firm's inception in 1991. Current and previous
areas of investment include cable television content and
distribution, wireless and wireline telephony, publishing, radio
and television broadcasting and other media and communications
sectors. Significant investments include VoiceStream Wireless,
Warner Music Group, PanAmSat, AT&T Canada, eircom plc, Casema,
Kabel Deutschland, Language Line, F&W Publications,
ProSiebenSat.1, and Bresnan Broadband Holdings. The firm has
offices in Providence, New York and London. Visit
http://www.provequity.com/ for additional information. About Texas
Pacific Group Texas Pacific Group is one of the world's leading
private investment firms managing over $15 billion in assets. TPG
invests across a wide range of industries, and has made significant
investments in branded consumer franchises (Burger King, Beringer
Wines, Del Monte, Ducati), leading retailers (Petco, J.Crew,
Debenhams-UK), media and communications (Eutelsat, Findexa, TIM
Hellas, Hotwire), healthcare (Oxford Health Plans, Iasis, Quintiles
Transnational), technology companies (ON Semiconductor, MEMC,
Seagate), and airlines (Continental, America West), among others.
The firm is based in Fort Worth, Texas, and has additional offices
in San Francisco and London. About Comcast Comcast Corporation
(NASDAQ:CMCSANASDAQ:CMCSK) (http://www.comcast.com/) is the
nation's leading provider of cable, entertainment and
communications products and services. With 21.5 million cable
customers and 7 million high-speed Internet customers, Comcast is
principally involved in the development, management and operation
of broadband cable networks and in the delivery of programming
content. The Company's content networks and investments include E!
Entertainment Television, Style Network, The Golf Channel, Outdoor
Life Network, G4, AZN Television, TV One and four Comcast
SportsNets. The Company also has a majority ownership in
Comcast-Spectacor, whose major holdings include the Philadelphia
Flyers NHL hockey team, the Philadelphia 76ers NBA basketball team
and two large multipurpose arenas in Philadelphia. About DLJ
Merchant Banking Partners DLJ Merchant Banking Partners is a
leading private equity investor that has a 20-year record of
investing in leveraged buyouts and related transactions across a
broad range of industries. Since 1985, DLJMB has invested more than
$9 billion in more than 140 portfolio companies. DLJMB is the
largest business within CSFB's Alternative Capital Division
["ACD"], CSFB's dedicated alternative asset platform. ACD is one of
the industry's leading alternative asset managers, with more than
$38 billion of assets under management, including $21 billion of
private equity assets across a diverse family of funds, including
leveraged buyout funds, mezzanine funds, real estate funds, venture
capital funds, fund of funds and secondary funds, and more than $17
billion of other alternative assets through its hedge fund (both
direct and fund of funds), leveraged loan and CDO investment
programs. Contacts: Metro-Goldwyn-Mayer Inc. Paige Taylor
310-449-3660 Sony Corporation of America Ann Morfogen (media)
212-833-6873 Mack Araki (media) 212-833-6821 Lisa Gephardt (media)
212-833-6826 Justin Hill (Sony investors) 212-833-6820 Sony
Pictures Entertainment Susan Tick (media) 310-244-6777 Providence
Equity Partners Andrew Cole 212-687-8080 Texas Pacific Group Owen
Blicksilver (media) 516-742-5950 Comcast Corporation D'Arcy Rudnay
(media) 215-981-8582 Marlene Dooner (Comcast investors)
215-981-7392 DLJ Merchant Banking Partners John Gallagher
212-325-0932 http://www.newscom.com/cgi-bin/prnh/20011119/MGMLOGO
http://photoarchive.ap.org/ DATASOURCE: Metro-Goldwyn-Mayer Inc.
CONTACT: Paige Taylor of Metro-Goldwyn-Mayer Inc., +1-310-449-3660;
or Media, Ann Morfogen, +1-212-833-6873, or Mack Araki,
+1-212-833-6821, or Lisa Gephardt, +1-212-833-6826, or Investors,
Justin Hill, +1-212-833-6820, all of Sony Corporation of America;
or Media, Susan Tick of Sony Pictures Entertainment,
+1-310-244-6777; or Andrew Cole of Providence Equity Partners,
+1-212-687-8080; or Media, Owen Blicksilver of Texas Pacific Group,
+1-516-742-5950; or Media, D'Arcy Rudnay, +1-215-981-8582, or
Investors, Marlene Dooner, +1-215-981-7392, both of Comcast
Corporation; or John Gallagher of DLJ Merchant Banking Partners,
+1-212-325-0932 Web site: http://www.comcast.com/ Web site:
http://www.provequity.com/ Web site: http://www.sony.com/ Web site:
http://www.mgm.com/ x
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