MUMBAI: Metro-Goldwyn-Mayer (MGM) and its buyers- a consortium of investors including Sony and Comcast have appointed Daniel Taylor as MGM president.

It was in September 2004 that MGM Studios was acquired by Sony for $5 billion. Time Warner was also in the race for MGM.

MGM is currently in the process of being acquired by the consortium for $12 in cash per share, plus the assumption of MGM's approximately $2.0 billion in debt. The transaction remains subject to several closing conditions, including obtaining European Union regulatory approval and the completion of financing.

As president Taylor will be responsible for overseeing all operations of the independent privately-held MGM, including development and production of a smaller slate of theatrical and television product through co-financing and distribution with Sony. Additionally, he will play a major role in leveraging what Sony claims is the world's largest modern film library while working with Comcast to expand MGM's reach by identifying new platform, content and channel opportunities.

Taylor said, "I am honoured to be selected to lead MGM as we enter this exciting new era, and I am confident that our legacy will endure. Working with our two libraries, Sony and MGM will now be able to provide access to the world's largest collection of film and television content, while we continue to aggressively pursue new technology and distribution options."

Taylor spent the last seven and a half years at MGM, most recently as senior executive VP and CFO, where he oversaw all financial functions of the company, as well as its worldwide post-theatrical distribution and information services, while playing a key role as a member of the management team responsible for MGM's overall corporate strategy and business development.