MGM’s CFO to Be President After Acquisition

Metro-Goldwyn-Mayer Inc. Chief Financial Officer Daniel Taylor will take over as president of the studio after it is acquired by an investment consortium led by Sony Corp., it was announced Thursday.

Sources have said Taylor’s appointment reflects in part a desire by private equity groups involved in the deal, including Texas Pacific Group and Providence Equity Partners, to have a financial executive in place to keep an eye on their investment. Sources have said the company may later name a prominent industry figure as chairman.

Other partners in the deal are DLJ Equity Partners and cable giant Comcast Corp. The group is acquiring Los Angeles-based MGM, now controlled by billionaire Kirk Kerkorian, for nearly $5 billion, including $2 billion in debt it will inherit. The sale of MGM, expected to close this spring, is still subject to approval by European regulators and the completion of financing.

Taylor will be responsible for overseeing all operations of the company once it becomes privately held, including developing a small slate of films and TV shows via a co-financing and distribution deal through Sony Pictures Entertainment.

Taylor has worked more than seven years at MGM, where he’s played a major role in overall strategy and business development. He had been an executive at Kerkorian’s Tracinda Corp.