Metro-Goldwyn-Mayer Inc. has named Michael Corrigan the studio’s chief financial officer.
The former Price Waterhouse senior partner takes up a position, alongside exec VP Robert Pisano, as one of two top lieutenants to MGM chairman Frank Mancuso.
“Michael brings to MGM a wealth of entertainment industry experience in strategic planning, mergers and acquisitions, complex financings and other transactions that will be invaluable to us as we continue to expand our global presence in diverse product areas,” Mancuso said Tuesday.
Corrigan, 39, served with Price Waterhouse for 19 years, overseeing global strategic planning for the accounting firm’s entertainment, media and communications group, based in New York.
A citizen of Ireland, Corrigan has also held executive posts with Waterhouse in London and Los Angeles.
Corrigan has directed teams responsible for the valuation of film libraries, including those of MGMUA, Vestron, Weintraub and ITC.
Corrigan’s resume appears to match MGM’s current agenda. MGM recently acquired Metromedia Intl. Group’s entertainment assets, including the film libraries and production units of Orion Pictures, Samuel Goldwyn Co. and Motion Picture Corp. of America — for $573 million in cash — only six months after MGM was acquired by Kirk Kerkorian’s Tracinda Corp. and Australia’s Seven Network for $1.3 billion.
Mancuso has said that MGM is looking for more acquisitions. Industry analysts believe MGM’s strategy is to enhance cash flow and potential IPO appeal.
The studio has no significant film releases scheduled until the new James Bond film is ready at the end of the year. MGM is understood to be considering various off-balance sheet financing deals that would increase its production capabilities.
Corrigan will be functioning essentially in the same role, though not with the same title, as former MGM exec VP Mike Hope, who ankled the post in January.