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 on 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 per cent of the venture it does not currently own for nearly $234 million (Dh859 million).

MGM will pay $120 million for the 23 per cent stake held by Burnett and Downey, and $113.5 million for Hearst’s 22 per cent 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.