Mark Burnett to lead MGM’s TV and digital business
Metro-Goldwyn-Mayer has chosen reality-TV producer Mark Burnett to run its television and digital business, the Los Angeles film studio said Monday.
Burnett, best known for shows including “Survivor” and “Shark Tank,” signed a five-year contract with the company, where he will serve as president of MGM Television and Digital Group, the company said.
At the same time, the company is also taking full control of United Artists Media Group, a joint venture between MGM, Burnett, his wife Roma Downey and Hearst. MGM is acquiring the 45% of the venture it does not currently own for nearly $234 million.
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MGM will pay $120 million for the 23% stake held by Burnett and Downey, and $113.5 million for Hearst’s 22% interest. The transaction is expected to close at the beginning of 2016.
After the transaction, MGM Television’s stable of shows will include “The Voice,” “Survivor,” “Shark Tank” and “Fargo,” among others.
A planned online channel will remain a separate business controlled by the investors, Burnett, Downey, MGM and Hearst. Downey will serve as the channel’s chief content officer.
Follow Ryan Faughnder on Twitter for more entertainment business coverage: @rfaughnder
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