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A native of Santa Barbara, California, Parent studied business at the University of Southern California before launching a modestly successful women's fashion company. Her interest in film led her to take an entry-level job at a talent agency, and she eventually entered the entertainment industry in the early 1990s.

Parent began her executive career at New Line Cinema, where she rose to vice president and helped shepherd projects such as Set It Off and Pleasantville. She later joined Universal Pictures as senior vice president of production, where she oversaw films including 8 Mile (2002), helping launch successful collaborations with filmmakers like Judd Apatow. In 2005, she co-founded the production company Stuber/Parent at Universal.

In 2008, Parent was named chairman and co-CEO of MGM, but left shortly after due to the studio’s financial struggles. She subsequently founded Disruption Entertainment, signing a first-look deal with Paramount Pictures and producing films such as Pacific Rim (2013), Noah (2014), and The Revenant (2015), the latter of which earned her an Academy Award nomination for Best Picture. That year, she placed 28th on The Wall Street Journal's "50 Women to Watch 2008" list.

Since 2016, Parent has served as vice chairman of worldwide production at Legendary Entertainment. She has overseen major projects including Godzilla vs. Kong (2021) and Denis Villeneuve’s adaptation of Dune (2021), which she had advocated for since 2013. Known for her ability to balance creative and financial priorities, Parent has been praised by collaborators for her dedication to storytelling and support of directors' visions.

In 2022, Parent was announced as that year's recipient of the Producers Guild of America's David O. Selznick Achievement Award.