Guber Peters Entertainment Co

Jon Peters, the mercurial movie producer hired as co-chairman of Columbia Pictures Entertainment two years ago in one of the richest and messiest deals in Hollywood history, relinquished his post Wednesday to establish an independent production company. Peters is expected to develop film, television and music projects under an exclusive deal with Columbia's parent company, Sony Corp.

Sony Corp. intends to pay Hollywood producers Peter Guber and Jon Peters as much as $14.1 million each over five years to run Columbia Pictures Entertainment, it was disclosed Tuesday. The tentative deal is dependent, however, on Guber and Peters' ability to get out of a five-year movie-making contract with Warner Bros. Last week, Sony agreed to acquire Columbia Pictures for $3.4 billion and to pay $200 million for Guber-Peters Entertainment Co.

When Sony bought Columbia Pictures, the shock wave rolled across America--the Japanese had finally made the move into Hollywood. And the bitter legal fight with Warner for producers Guber and Peters sent aftershocks through the film industry for months. A look behind the scenes of this epic deal provides insight into how Sony will do business in Hollywood and what's in store for the '90s.

Sony Corp. has agreed to hand over assets worth several hundred million dollars to Warner Bros. so that it can hire two prominent Hollywood producers to run its newly acquired Columbia Pictures Entertainment studio.

Jon Peters, the mercurial movie producer hired as co-chairman of Columbia Pictures Entertainment two years ago in one of the richest and messiest deals in Hollywood history, relinquished his post Wednesday to establish an independent production company. Peters is expected to develop film, television and music projects under an exclusive deal with Columbia's parent company, Sony Corp.

Sony's buyout of Columbia Pictures will set in motion yet another management shuffle at the studio, which has survived four regimes in 10 years. When the dust finally settles, Columbia studio chief Dawn Steel could be one of the casualties. Steel, who stands to make $7 million from the studio sale, is flying to New York next week for the premiere of the Jane Fonda film "Old Gringo."

When Sony bought Columbia Pictures, the shock wave rolled across America--the Japanese had finally made the move into Hollywood. And the bitter legal fight with Warner for producers Guber and Peters sent aftershocks through the film industry for months. A look behind the scenes of this epic deal provides insight into how Sony will do business in Hollywood and what's in store for the '90s.

Sony Corp. has agreed to hand over assets worth several hundred million dollars to Warner Bros. so that it can hire two prominent Hollywood producers to run its newly acquired Columbia Pictures Entertainment studio.

Sony Corp. intends to pay Hollywood producers Peter Guber and Jon Peters as much as $14.1 million each over five years to run Columbia Pictures Entertainment, it was disclosed Tuesday. The tentative deal is dependent, however, on Guber and Peters' ability to get out of a five-year movie-making contract with Warner Bros. Last week, Sony agreed to acquire Columbia Pictures for $3.4 billion and to pay $200 million for Guber-Peters Entertainment Co.

Sony's buyout of Columbia Pictures will set in motion yet another management shuffle at the studio, which has survived four regimes in 10 years. When the dust finally settles, Columbia studio chief Dawn Steel could be one of the casualties. Steel, who stands to make $7 million from the studio sale, is flying to New York next week for the premiere of the Jane Fonda film "Old Gringo."

Davy Crockett: David Zucker will bring the story of pioneer Davy Crockett to the big screen. The director has acquired film rights to the upcoming Crockett biography, "Sunset in His Pocket," by Paul Hutton, according to trade publications. Zucker will direct the movie; Sony's Guber-Peters Entertainment Co. will produce. The book, due out next year, is about the pioneer/congressman who died at the Alamo. Zucker recently directed "Naked Gun 2 1/2."