Metromedia CEO Phillips Resigns

Metromedia International Group Inc. Chief Executive Jack Phillips abruptly resigned from the movie studio and telecommunications company controlled by billionaire John Kluge.

Phillips, who also stepped down as a member of the company’s board, said he is leaving to pursue other business opportunities.

Analysts said Phillips bolted because his control of the sprawling company was dwindling and he was left with few responsibilities.

Stuart Subotnick, Metromedia’s vice chairman and Kluge’s close aide, has assumed Phillips’ roles. Kluge, 81, remains as chairman.