MGM RISES ON RUMORS OF SHAKE-UP.Byline: Dave McNary Daily News Staff Writer Long-troubled Metro-Goldwyn-Mayer may be shuffling its top executives with industry veteran Frank Mancuso For other uses, see Frank Mancuso (disambiguation). Frank Octavius Mancuso (May 23, 1918 - August 4, 2007) was a catcher in Major League Baseball who played for two teams between 1944 and 1947. Listed at 6' 0", 195 lb., Mancuso batted and threw right handed. expected to step down shortly after six years at the studio. MGM MGM in full Metro-Goldwyn-Mayer, Inc. U.S. corporation and film studio. It was formed when the film distributor Marcus Loew, who bought Metro Pictures in 1920, merged it with the Goldwyn production company in 1924 and with Louis B. Mayer Pictures in 1925. had no comment on reports in Daily Variety and the Hollywood Reporter, both citing unnamed sources, that MGM majority owner Kirk Kerkorian Kerkor "Kirk" Kerkorian (Armenian: Քըրք Քըրքորյան) (born June 6, 1917) is an American billionaire, and president/CEO of Tracinda Corporation, his private holding will name longtime associate Alex Yemenidjian Alex Yemenidjian was the former CEO of MGM Studios. He was appointed as CEO by Kirk Kerkorian, as it is known that Yemenidjian was a close friend of the casino tycoon. Yemenidjian is of Armenian origin born in Argentina. Refferance
Wall Street gave considerable credence to the reports and investors pushed MGM stock up more than 9 percent. Shares gained $1.3125 to $15.8125 for the stock's highest close since September. MGM went public in late 1997 at $20 a share. Kerkorian boosted his stake in the company last year to 90 percent and has invested about $2 billion in the legendary studio since 1996, when he bought MGM for the third time. An MGM spokesman said the 67-year-old Mancuso, whose contract runs to October 2001, has disclosed previously that he was seeking a successor. Yemenidjian, 43, is president of Kerkorian's casino company, MGM Grand. The developments come following a yearlong year·long adj. Lasting one year. Adj. 1. yearlong - lasting through a year; "attending yearlong courses" long - primarily temporal sense; being or indicating a relatively great or greater than average duration or dry spell at the box office for the legendary studio since it grossed more than $175 million worldwide from ``The Man in the Iron Mask Man in the Iron Mask forced to perpetually wear an iron mask to conceal his indentity. [Br. Lit. and Fr. Hist.: Benét 628] See : Concealment Man in the Iron Mask .'' Since then, only ``Ronin'' has managed to meet expectations, while ``Species 2,'' ``Dirty Work,'' ``Disturbing Behavior,'' ``At First Sight,'' ``Mod Squad'' and ``The Rage: Carrie 2'' have been disappointments. MGM's best hopes on its coming slate are ``The Thomas Crown Affair'' in June, ``Supernova'' in October and the next James Bond movie, ``The World Is Not Enough'' in November. Movie analyst Arthur Rockwell, a former MGM executive, said the changes would not be a major surprise given the poor performance by its movies. ``Mancuso has not displayed much talent for attracting top moviemakers,'' he added. CAPTION(S): Photo PHOTO James Bond movies, the most recent starring Pierce Brosnan, have been among the few bankable bank·a·ble adj. 1. Acceptable to or at a bank: bankable funds. 2. Guaranteed to bring profit: a bankable movie star. franchises for MGM studios. |
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