- Former Chairman and Chief Executive Officer of three motion picture production and distribution companies: The Cannon Group Inc. (1987-1989); Pathe Communications Corporation (1989-1991) and Metro Goldwyn Mayer (1990-1991).
- In 1987, Parretti took control of the near bankrupt independent studio, The Cannon Group Inc. In 1989, he renamed Cannon as Pathe Communications Corporation which he controlled for his acquisition of Metro Goldwyn Mayer in 1990, thus from 1990-1992 was known as MGM-Pathe Communications Co.
- Italian investor, known for his infamous takeover of Metro Goldwyn Mayer studios in 1990. Parretti was financed by the French bank Credit Lyonnais for $1.3 billion to take control of MGM from Kirk Kerkorian. Parretti was accused of looting the legendary studio, defaulting on the loan payments to Credit Lyonnais, and bringing the studio to near bankruptcy. Less than a year later, Parretti was forced to resign as Chairman and CEO of MGM. Years later, he was found guilty of conspiracy, falsifying corporate and financial records, perjury and tampering with evidence.
- Filed a lawsuit against Credit Lyonnais Bank Nederland for breach of contract, mismanagement of funds and for removing him from MGM's board of directors in 1991. He officially lost control of MGM January 1st, 1992.
- Attempted to buy (and ultimately lost) two other bankrupted film companies: Dino De Laurentiis Entertainment Group (1988) and New World Entertainment (1989). The company that he did purchase, 21st Century Distribution Corporation, was bought for $250,000 and was later renamed as the 'new' Cannon Pictures Inc. in 1989. Veteran film producers Ovidio G. Assonitis and Christopher Pearce both served as Cannon's Chairmen and Chief Executive Officers.
- After his takeover of The Cannon Group Inc. which he renamed as Pathe Communications Corporation, Parretti formed two new subsidiary companies: Pathe Entertainment Inc., and 21st Century Film Corporation. Parretti appointed Alan Ladd Jr., as Chairman of Pathe Entertainment, and ultimately as Co-CEO of MGM, when Parretti acquired the studio in 1990. 21st Century Film Corporation was the production company that Parretti gave to former Cannon Group CEO Menahem Golan for $159 million in financing for four years, which was part of Golan's severance package when he resigned from Cannon after citing disagreements with Parretti and Golan's cousin and partner, Yoram Globus.
- During his tenure as CEO of Metro Goldwyn Mayer, he fired most of the accounting staff, and even appointed his daughter Valentina, as a Senior Finanical Officer at the studio.
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