Metro-Goldwyn-Mayer Inc.’s once-mighty lion is going on a diet.

Even before the investment consortium led by Sony Corp. completes its acquisition of MGM, the group has hired Jeff Pion, an executive vice president at CB Richard Ellis Inc., to sublet an undetermined amount of MGM’s office space in Century City and Santa Monica.

Pion didn’t return calls last week. Brokers who applied for the job said that while a decision hasn’t been made on the exact amount of space that will be cut, MGM is likely to free up more than half, or about 250,000 square feet, of office space it leases in Century City and Santa Monica.

A final decision was expected by this week. Sony is considering taking some of MGM’s Century City space.

Brokers said the consortium plans to keep MGM as a free-standing company that will continue to produce between five and six movies a year, but its staff of thousands could be trimmed to about 250.

Paige Taylor, an MGM spokeswoman, said the company isn’t commenting on anything related to staffing until after the acquisition is complete.

“We do have the intention of keeping all MGM employees together in one location,” she said.

*The full version of this story will be available in the April 11 edition of the Los Angeles Business Journal.