November 21, 2013 |
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.
November 18, 2013 |
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.
November 1, 2013 |
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.
August 15, 2013 |
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.
June 20, 2013 |
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.
June 3, 2013 |
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.