Formation of an acac radical and simultaneous reduction of the Mo(VI) to Mo(V).
"the intraredox reaction with production of acac radicals is proposed for a general route for the photodecomposition of these chelates" - P. Cheremisinoff (1997) Handbook of engineering polymeric materials. Page 248.
However this is definately worth a read:
Kaeriyama, K. and Shimura, Y. (1973) Photopolymerization sensitized by metal acetylacetonate. Die Makromolekulare Chemie, 167(1), 129-137.