The major Hollywood studio brings in an expert to help improve their financial outlook.
Press Release Service – Wired PR News – Major Hollywood studio Metro-Goldwyn-Mayer (MGM) is replacing Harry Sloan as CEO, and bringing in a turnaround expert to join its team. As reported by the Associated Press (AP), the studio has stated it has hired former CEO of other struggling enterprises such as Krispy Kreme Doughnuts Inc. Stephen Cooper to act as vice chairman for an “Office of the CEO,” giving him the task of leading, “MGM’s efforts to evaluate alternatives to improve its balance sheet.”
As noted by the AP, MGM has amassed $3.7 billion in debt to be paid by 2012, and will soon face the maturation of a $250 million credit line. Sloan, who had initially agreed to remain CEO until 2011, will reportedly stay on as chairman.
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