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BUSINESS
June 22, 1993
While the rest of Sony Corp.'s divisions maintained status quo, its entertainment unit reported a 7% increase for fiscal 1993. Michael P. Schulhof, new president and chief executive of Sony's U.S. operations, announced that it would combine its worldwide entertainment and U.S. electronics divisions.
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ENTERTAINMENT
February 6, 2014 | By Daniel Miller
Sony Pictures Entertainment reported a profit of $231 million in the fiscal third quarter ending Dec. 31, a significant improvement from the previous quarter, when it lost $181 million. However, the film and television studio's profit was down 4.2% from the same period a year ago. Revenue was up 7.1% to $2.131 billion. Sony Pictures, a unit of Tokyo-based Sony Corp., is in the midst of a major cost-cutting initiative. The studio has said it will slash at least $350 million in overhead, and has been laying off employees.
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BUSINESS
December 10, 1998 | CLAUDIA ELLER, TIMES STAFF WRITER
Sony Corp. has promoted Howard Stringer, 56, to chairman of its American operations in a move that centralizes management and streamlines the reporting structure. As part of the realignment, Sony Pictures Entertainment head John Calley, bumped up to chairman, and Sony Music Entertainment chief Thomas Mottola, also given a chairman title, will now report directly to the New York-based Stringer. The two operating heads previously answered directly to parent Sony Corp.
BUSINESS
February 6, 2014 | By Andrea Chang and Daniel Miller
Sony Corp., a struggling electronics maker trying to regain its once stalwart status, is undertaking a major restructuring that includes the sale of its PC division, a spinoff of its TV business and layoffs of thousands of employees. The Japanese tech giant said Thursday that it had decided to shed its Vaio personal computer brand after a "comprehensive analysis of factors, including the drastic changes in the global PC industry. " It is in talks to sell Vaio to Japan Industrial Partners Inc., a Japanese investment fund.
BUSINESS
August 20, 1993 | JOHN LIPPMAN
Sony Corp., the parent company of Sony Pictures Entertainment, reported that first-quarter net income for the period ended June 30 plunged 48.5% to $71.9 million. The Tokyo-based consumer electronics and entertainment giant blamed the results on a poor economy in the United States and Europe and the rapid appreciation of the Japanese yen against major Western currencies. For the quarter, Sony reported that total sales fell 10.4% to $7.7 billion and operating income declined 35.8% to $236.
BUSINESS
September 28, 1989 | JAMES FLANIGAN, Times Staff Writer
Sony Corp., the company that came so triumphantly to Hollywood on Wednesday, shelling out $3.4 billion to buy Columbia Pictures, is now a $16-billion (sales) giant in two industries, entertainment and electronics. It's both the world's largest record producer and the world's leading manufacturer of compact disc players; it's a leading maker of television sets and now the owner of a movie studio and film library. And yet, scarcely six years ago, Sony was troubled.
BUSINESS
March 15, 1999 | Reuters
Sony Corp. has confirmed that company executives met with their counterparts from General Electric's NBC network, following a published report that the media companies were contemplating a global alliance. NBC has been secretly negotiating with Japan's Sony Corp. to forge a worldwide relationship that would mean potentially enormous revenue for both companies, according to an article in the latest issue of the New Yorker magazine.
BUSINESS
January 25, 2001
* Sony Electronics Inc. plans to stop manufacturing picture tubes for computer monitors in the United States, resulting in 500 job cuts at its plant in Rancho Bernardo, Calif. The layoffs amount to a 14% cut in the work force at the plant, the Sony Corp. unit said.
BUSINESS
November 16, 1999 | Associated Press
In a major snub to Microsoft Corp., Sony Corp. said it plans to build new hand-held gadgets that could allow people to view videos, listen to music and organize information without the help of the Windows operating system. The Japanese consumer electronics giant chose the Palm operating program to run the basic functions of the devices, advancing the 3Com Corp. unit's bid to spread its software into lightweight computing.
BUSINESS
May 22, 1992 | From Times Staff and Wire Reports
Sony Corp. reported its first-ever annual loss from operations Thursday and announced that Masaaki Morita, younger brother of Sony Chairman Akio Morita, will step down as head of the company's U.S. operations in late June. Sony, like other Japanese electronics companies, has been hit hard by the recession, a rising yen and over-investment in new factories and product research and development. Sony's operating loss for the year ended March 31 was 20.
ENTERTAINMENT
November 21, 2013 | By Daniel Miller
Touting successes "Breaking Bad" and the forthcoming "Better Call Saul," Sony Pictures told investors Thursday that it would undergo a "significant shift" away from movies and toward the "higher margin" television business. During the half-day presentation , Sony TV chief Steve Mosko highlighted the $1.5 billion in revenue generated by the company's television networks division in the last fiscal year, emphasizing that 75% of that figure was from overseas where the studio sees opportunity for more growth.
ENTERTAINMENT
November 18, 2013 | By Daniel Miller
Sony Pictures Entertainment, under pressure from activist investor Daniel Loeb, is eyeing at least $100 million in budget cuts and has hired consultancy Bain & Co. to examine the studio's expenditures, according to a source with knowledge of the matter. The cuts are likely to result in layoffs at the studio, which is reeling after several of its high-profile summer releases performed poorly. Sony Pictures, owned by Tokyo-based electronics and media giant Sony Corp., is expected to announce its hiring of Bain & Co. at a Thursday conference for investors, a source said.
ENTERTAINMENT
November 1, 2013 | By Daniel Miller
Credit ratings agency Moody's Investors Service Inc. said Friday that it is reviewing Sony Corp.'s credit rating and could downgrade it to junk status. The news comes one day after Tokyo-based  Sony, which reports its earnings in yen but provides some conversions into U.S. dollars,  posted  a net loss of $197 million for its fiscal second quarter,  an increase of 25% from the same quarter a year earlier. Moody's is reviewing Sony's long-term senior unsecured bond rating, which currently stands at "Baa3," the lowest on the credit ratings agency's scale for investment-grade debt.
ENTERTAINMENT
August 15, 2013 | By Daniel Miller
Activist investor Daniel Loeb's hedge fund, Third Point, has acquired $113.7 million of Disney stock, regulatory filings indicate. Loeb's company, which this summer pressed Sony Corp. to make a public offering of up to 20% of its entertainment arm, owned 1.8 million shares of Disney stock as of June.  Shares of Disney were down more than 2% on Thursday to $62.54. Spokespersons for Disney and Third Point did not immediately respond to requests for comment. Sony responded to Loeb's call for a spinoff earlier this month -- though the New York investor was disappointed by the answer.
ENTERTAINMENT
June 20, 2013 | By Daniel Miller
Sony Corp. Chief Executive Kazuo Hirai said Thursday that the company needs more time for its consideration of  a proposal from a prominent shareholder to take its entertainment business public.   Hirai, speaking at Sony's annual shareholders' meeting in Tokyo, said the company would not make a quick decision regarding the proposal from hedge fund Third Point, according to the Associated Press.  In May,  Third Point, which is led by activist investor Daniel Loeb, proposed that the electronics and media giant make an initial public stock offering of up to 20% of its entertainment arm.  ON LOCATION: Where the cameras roll "This is an important proposal that will influence the future of Sony," said Hirai, according to the Associated Press.
ENTERTAINMENT
June 3, 2013 | By Daniel Miller
In the aftermath of the weak $27-million opening for Sony Pictures Entertainment's "After Earth," all eyes are turning to the studio's upcoming slate of films, which could help soften the blow of the film's disappointing bow.  Sony had expected the sci-fi thriller - which features Will Smith and stars the actor's son Jaden - to open in the range of $35 million to $40 million. But the film finished No. 3 on the weekend, behind blockbuster "Fast & Furious 6" and fellow newcomer "Now You See Me. " While a Sony executive told  the Los Angeles Times on Sunday that the studio felt good about "After Earth's" potential with overseas audiences, the company will look to the domestic bows of several high-profile films in the coming weeks to improve its summer.
BUSINESS
July 13, 2004 | From a Times staff writer
Sony Corp. plans to demonstrate the third version of its hugely popular PlayStation game machine in Los Angeles next year at the Electronic Entertainment Expo. The announcement at a Tokyo new conference puts added pressure on the two other major manufacturers of video game hardware -- Microsoft Corp. and Nintendo Co. -- to also have their updated desktop machines ready for the May 2005 trade show. Sony executives declined to discuss when PS3 consoles would go on sale.
BUSINESS
March 7, 1990 | JOHN LIPPMAN
Michael P. Schulhof, vice chairman of Sony Corp. of America and the man who spearheaded Sony Corp.'s expansion into the U.S. entertainment business, is expected today to be named president of Sony USA Inc., the holding company for all of Sony's U.S. interests. He will relinquish his title at Sony Corp. of America but remain on the subsidiary's board of directors. Schulhof previously was deputy president of Sony USA.
ENTERTAINMENT
May 21, 2013 | By Daniel Miller
Sony Corp. is "considering evaluating" a spinoff of its entertainment arm that is being advocated by the hedge fund and Sony shareholder Third Point, according to Japan's Nikkei newspaper. The news comes a day before a much-anticipated Sony corporate strategy meeting in Tokyo and a week after Third Point proposed that the electronics and media giant make an initial public stock offering of up to 20% of its entertainment arm.  That unit, Sony Entertainment Inc., includes film and television studio Sony Pictures Entertainment, Sony/ATV Music Publishing and Sony Music Entertainment.
ENTERTAINMENT
May 14, 2013 | By Meg James
New York hedge fund manager Daniel Loeb wants Japanese electronics giant Sony Corp. to spin off its Culver City entertainment business. CBS Corp. might like that, too. Loeb, whose Third Point funds own more than $1 billion in Sony stock, sent a letter Tuesday to Sony's chief executive, Kazuo Hirai, suggesting an initial public offering of 15% to 20% of Sony Pictures Entertainment. ON LOCATION: Where the cameras roll Sony said that its Hollywood operations are not for sale, and a CBS corporate spokesman declined to comment on "rumor and speculation.
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