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Generally, M&E is split into 5 main areas:

- Films/Movies
- Music
- TV
- Entertainment/Games
- Social Media

For the first three, they don't generally hire many MBAs, and any job search will require you to do a lot of networking, unpaid internships, and having alums/professors/connections introduce you to the right person.

In terms of games (the area I'm going into), the traditional companies like EA, Activision, LucasArts, etc... all hire some MBAs, but not a lot. It's more of a recent trend with many companies starting their MBA hiring program in the last 3-4 years. At Activision, MBAs usually are hired as brand managers, with consumer packaged goods background. Electronic Arts hire their MBAs as product managers, doing a project management and marketing role. LucasArts has a few MBAs in marketing, production management, and business development.

Social gaming (Zynga, Playfish, etc...) and mobile gaming will have more MBAs, usually doing product management roles where they lead projects, design new features, and do a lot of metrics analysis to improve the game.

Social Media companies like Facebook and other smaller startups hire a few MBAs for product management, usually requiring some pretty good technical (software) experience or skills. There are some marketing roles in companies like that which require MBAs too.

Hope that helps!