Mark Burnett will take over the MGM TV operation as part of a new arrangement in which MGM will buy the 45% stake in its United Artists Media Group joint venture that it didn’t already own, purchasing the stake from partners Burnett, Roma Downey and Hearst, Deadline.com reports.
Burnett will become president of the MGM Television and Digital Group, the story reports, noting that Roma Khanna has stepped down as head of television and digital. Burnett will report to MGM chief Gary Barber.
“Burnett and Downey will swap their 23% stake in in UAMG for 1,337,360 shares of MGM’s privately traded stock valued at $90 per share — a total value of $120.4 million. Hearst will receive $113.5 million in cash for its 22%,” the report notes.