Harry E Sloan has extended his tenure as MGM chairman and CEO and said the next three years will be 'a testament to the power, passion and creative vision of our new management team.'

Sloan joined MGM in October 2005 and has worked to revive the company's ambitions to return as a fully-fledged studio. In the last three years MGM has hired Mary Parent as chairman of the worldwide motion picture group and Bedi Singh as president of finance and administration and CFO and brought in Tom Cruise and Paula Wagner to run the revived United Artists label.

Sloan has played a key role in the launch of the wholly owned MGM HD channel in the US, negotiating an international distribution partnership with Fox and moving ahead on the two Hobbit films.

'We appreciate Harry's commitment to building value at MGM and believe he is executing the right strategy for the company,' Providence Equity Partners CEO Jonathan Nelson said on behalf of the studio's board after Sloan signed a three-year contract.

'To create another page in the storied history of MGM is the most exciting challenge I've had in my career,' Sloan said.