May 14, 2013 |
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.
May 14, 2013 |
Observers spent Tuesday morning reading Sony Corp.'s tea leaves in the aftermath of a hedge fund's proposal that the company take its entertainment arm public. Sony's stock soared about 10% in afternoon trading after New York hedge fund Third Point proposed that the electronics and media giant make a public offering of up to 20% of Sony Entertainment Inc. That unit includes film and television studio Sony Pictures Entertainment, Sony/ATV Music Publishing and Sony Music Entertainment. Brian Wieser, a senior analyst with Pivotal Research Group, said that there is "good value inside of Sony Pictures," but noted that some investors may not be aware of the strengths of the company -- which extend beyond its film business -- because it is part of a large corporation.
March 8, 2013 |
Sony Corp. Chairman Howard Stringer will retire from the Tokyo-based media and electronics conglomerate in June. The 71-year-old former chief executive and president of the company made the announcement in a speech to the Japan Society in New York on Friday. In the speech, Stringer said that he planned to focus on "new opportunities," including philanthropic work in the fields of medicine and education. "So I will remain busy, though perhaps not such a frequent flier on Japan Air Lines," Stringer said, adding that he would continue to serve as chairman of the American Film Institute.
October 30, 2012 |
Adam Sandler has made 15 of his last 18 movies with the backing of Sony Pictures. The studio has maintained a production deal with the comedy star since 2002 and stuck with him through hits like “50 First Dates” and “Grown Ups” and flops like “Spanglish” and “Jack and Jill.” That's why many were surprised recently to learn that Sandler is making his upcoming comedic western “Ridiculous 6” with Paramount Pictures. In gossip-fueled Hollywood, where schadenfreude is more popular than the Super Bowl, the news became fuel for an increasingly common refrain heard from agents, producers and executives at rival studios: “Sony is out of money.” PHOTOS: Celebrities by the Times In reality, the studio is still spending, having recently bought several high-profile scripts and preparing to start production soon on a big-budget sequel to “The Amazing Spider-Man.” But there is some fire beneath the smoke above Sony's Culver City lot. The studio long known as one of Hollywood's most deep-pocketed is cutting back on the number of movies it makes.
August 2, 2012 |
For Sony Corp. , it was a another quarter of red ink. The Japanese consumer electronics and entertainment giant Thursday posted a wider loss its first quarter on slightly higher revenue as sales of its television sets and game consoles declined. Sony lost $312 million on $19.2 billion in revenue for the quarter ended June 30. A year earlier, Sony lost $196 million on $18.9 billion in sales. On a per-share basis, Sony recorded a 31-cent loss, compared with a 20-cent loss the year before.
August 2, 2012 |
The release of "The Amazing Spider-Man" overseas in late June and domestically in early July pushed Sony Pictures to an operating loss during the second quarter. Revenue for the Culver City studio increased 6% to $1.9 billion thanks in part to the box office performance of "Men in Black 3," which has grossed $619 million worldwide (although given its hefty budget of nearly $250 million and participants like Will Smith and Steven Spielberg taking a share of revenue, it's not clear how big a profit Sony will make on the picture)
May 10, 2012 |
Sony Corp., anxious to leave behind a year plagued by floods, earthquakes, economic turmoil and a record $5.6-billion loss, vowed Thursday to return to profitability this year. The Japanese consumer electronics and media giant forecast that it would increase revenue 14% and post a modest $366-million profit this fiscal year, thanks to aggressive cost-cutting and top-to-bottom reorganization that would de-emphasize its once-dominant television business and focus on more profitable products.
April 20, 2012 |
The European Union's antitrust regulators have approved Sony Corp.'s $2.2-billion acquisition of EMI's publishing business, clearing a major hurdle in Sony's ambition to create the world's largest music publishing group with rights to about 2 million songs, including some by David Bowie, Stevie Wonder and Pink. The deal announced Thursday still needs to clear U.S. regulators, who have historically been more lenient than their European counterparts. Nevertheless, antitrust experts cautioned against celebrating too soon.
April 9, 2012 |
Sony Corp.will cut 10,000 jobs, or 6% of its workforce, as the Japanese electronics conglomerate and its new chief executive try to wiggle back into the black. The company's new head, Kazuo Hirai, will confirm the reductions in what is sure to be a heavily watched briefing on Thursday, the country's Nikkei newspaper reported Monday . Hirai, who took over from Howard Stringer earlier this month, must attempt to steer Sony from its predicted fourth consecutive annual loss back to fighting form against stronger device-making rivals such asApple Inc. Much of the employee scale-backs will come from Sony's deeply unprofitable television business , which has been losing money for the better part of a decade to lower-cost competitors such as Samsung and Vizio.
March 28, 2012 |
Sony Corp. unveiled a top-level organizational shake-up that signals key shifts in the Japanese company's priorities in consumer electronics as incoming Chief Executive Kazuo Hirai works to turn around massive losses. Hirai, promoted a month ago to replace Howard Stringer as the company's top officer effective Sunday, has restructured the electronics business around three "pillars": mobile, games and digital imaging. As of Sunday, the new mobile group will include both Vaio laptops and the Sony Ericsson cellphone business, while the games segment will include all PlayStation products.