MGM Holdings, the parent company of MGM Studios, is exploring a sale, the Wall Street Journal reported Monday (Dec. 21).
According to WSJ sources, the company is working with investment banks Morgan Stanley and LionTree LLC and has already begun the formal sale process.
Burnett was promoted to chairman of MGM’s Worldwide Television Group in 2018.
Under his leadership, MGM TV ratcheted up its unscripted development and production with the acquisitions of Evolution Media in 2017, the prodco behind Bravo’s The Real Housewives of Orange County and Vanderpump Rules; and Big Fish Entertainment, producers of A&E’s Live Rescue and VH1′s Girl’s Cruise, to name a few.
The division furthered its push into the unscripted and documentary markets in February with the hiring of former Two Halves Pictures executive Richard Bedser as EVP of factual series, documentaries and specials.
In September 2019, Barry Poznick was tapped to lead MGM and Orion Unscripted and Alternative Television in the role of president as the studio looked to rebrand and expand its unscripted group under the veteran executive’s leadership.
Among its other efforts to grow its unscripted business, MGM TV launched its London-headquartered original unscripted content division in November 2019, expanding the studio’s slate of formats and expanding its reach in the UK.
With files from Selina Chignall and Daniele Alcinii