MGM goes solo at the top as it prepares for IPO

MGM announced today that Roger Birnbaum has stepped down as co-chairman and co-chief executive officer.

Gary Barber will become sole chairman and CEO. Birnbaum will produce movies exclusively for the studio and will retain offices there.

According to the statement emailed by the company, Birnbaum is return to full time producing, which he called his “greatest passion” in the statement. The move puts Barber clearly in charge as the studio considers an initial public offering.

Some analysts predict that MGM will launch its IPO before the new James Bond film "Skyfall" opens in theaters, so the good news from the box-office will boost share prices out of the gate.

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