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ENTERTAINMENT
October 30, 2012 | By Ben Fritz
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.
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BUSINESS
April 11, 2014 | By Andrea Chang
Sony is issuing a warning to users of its Vaio Fit 11A, telling them to stop using the laptops because the batteries could overheat and catch fire. According to the Wall Street Journal, the batteries made by Panasonic are found in nearly 26,000 Vaio computers. Sony has received three reports of batteries overheating, which caused partial burns to Vaio computers. VIDEO: Unboxing the Amazon Fire TV "The first incident was in Japan on March 19, followed by similar incidents on March 30 in Hong Kong and April 8 in China," the Journal reported , noting that Sony stopped selling the laptop at the beginning of this month.
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ENTERTAINMENT
November 1, 2012 | By Ben Fritz
More summer tent-pole movies boosted Sony Pictures' results in the quarter ended Sept. 30, but the studio still suffered in comparison to the same period last year. This year's summer was full of costly event movies, though the results were mixed, with "The Amazing Spider-Man" a hit, "Total Recall" a flop, and "Men in Black 3" a modest disappointment. However, more big movies resulted in higher theatrical revenue. Summer 2011 was a light one for Culver City-based Sony, with a successful big-screen version of "The Smurfs" its only relatively big-budget tent pole.
ENTERTAINMENT
April 9, 2014 | By Daniel Miller, This post has been updated as indicated below.
Sony Pictures Entertainment has closed a $200-million co-financing deal with LStar Capital and Citibank, according to sources familiar with the matter who were not authorized to comment publicly.   The multiyear equity and debt arrangement will cover the film and television studio's coming movie slate, which includes this summer's "The Amazing Spider-Man 2" and "22 Jump Street. " The transaction closed Tuesday. The pact mitigates the studio's risk if its 2014 slate disappoints.
ENTERTAINMENT
April 9, 2014 | By Daniel Miller, This post has been updated as indicated below.
Sony Pictures Entertainment has closed a $200-million co-financing deal with LStar Capital and Citibank, according to sources familiar with the matter who were not authorized to comment publicly.   The multiyear equity and debt arrangement will cover the film and television studio's coming movie slate, which includes this summer's "The Amazing Spider-Man 2" and "22 Jump Street. " The transaction closed Tuesday. The pact mitigates the studio's risk if its 2014 slate disappoints.
ENTERTAINMENT
February 11, 2013 | By Joe Flint
Starz has struck a new agreement that will keep theatrical movies from Sony Pictures on the pay-TV channel through 2021. The deal comes just over two months after Netflix outbid Starz for the right to movies from Walt Disney Co. Netflix had also made no secret of its desire to land Sony Pictures as well. That made keeping Sony crucial for Starz, which was recently spun off into a public company by Liberty Media. While terms of the agreement were not disclosed, a person familiar with the matter said the pact is typical of most pay-TV output contracts.
BUSINESS
July 1, 2011 | By Ben Fritz, Los Angeles Times
One of Hollywood's most powerful producers has found a new studio home. Oscar-winning producer Scott Rudin has signed a three-year deal with Sony Pictures that gives the studio right of first refusal on all of his projects in exchange for funding overhead costs for the producer and his staff. It has been widely expected in Hollywood that Rudin would sign a nonexclusive arrangement with Sony, as he has recently worked on a number of high-profile projects at the studio, including last year's "The Social Network," which was nominated for a best-picture Oscar.
ENTERTAINMENT
August 2, 2012 | By Ben Fritz
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)
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.
BUSINESS
July 23, 2009 | Dawn C. Chmielewski
Sony Pictures Home Entertainment's new licensing deal with Redbox Automated Retail -- operator of those bright-red $1 DVD rental kiosks in grocery and convenience stores -- adds up to some serious coin. Sony stands to collect about $460 million over the term of the five-year agreement, which extends through September 2014, according to regulatory filings.
ENTERTAINMENT
March 17, 2014 | By Daniel Miller
Layoffs are underway at Sony Pictures Entertainment, the Sony Corp.-owned film and television studio that vowed late last year to significantly reduce its overhead. The cuts, which began Monday and will continue this week, include employees at divisions throughout the studio, according to a source with knowledge of the matter. The layoffs were felt at the studio's Culver City headquarters and at international offices. Among the divisions said to be deeply affected by the staff reductions is Sony Pictures Interactive, the studio's digital marketing arm.  "We are continuously evolving the business to make SPE more efficient and competitive," Sony Pictures spokesman Charles Sipkins said in a statement.  PHOTOS: Behind the scenes of movies and TV At an investors conference in November, Sony Pictures executives outlined  $250 million in budget cuts that were already underway.
ENTERTAINMENT
March 4, 2014 | By Daniel Miller
Sony Pictures Entertainment will make a horror film centered on the mysterious death of Canadian tourist Elisa Lam, whose body was found inside a water tank at downtown's Cecil Hotel. The project is based on a screenplay by Brandon and Phillip Murphy titled "The Bringing. " It was acquired by Sony Pictures and Matt Tolmach Productions. The 21-year-old Lam's body was recovered  Feb. 21, 2013. Her death was ruled an accidental drowning by the coroner, though surveillance video from the hotel's elevator that showed Lam acting oddly sparked conspiracy theories about the incident.
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.
ENTERTAINMENT
January 24, 2014 | By Oliver Gettell
"Lean In," the bestselling nonfiction book by Facebook executive Sheryl Sandberg about the dearth of women leaders in the corporate world and what can be done about it, is on its way to the big screen. Sony Pictures has obtained film rights to "Lean In" and tapped Nell Scovell, who helped Sandberg pen the book, to write the script,  Deadline reports . Scovell is also a veteran TV writer and director whose credits include "Murphy Brown," "Sabrina the Teenage Witch" and "Monk.
ENTERTAINMENT
January 15, 2014 | By Daniel Miller
For much of last year, Amy Pascal was under fire. The co-chair of Sony Pictures Entertainment presided over two of last year's big-budget bombs, "After Earth" and "White House Down. " Her studio reported losses of $181 million for the summer months. Activist investor Daniel Loeb hammered Pascal's division, demanding an end to the "free passes" Sony studio executives got when their films disappointed and calling on parent company Sony Corp. to spin off part of its entertainment business.
ENTERTAINMENT
January 13, 2014 | By Daniel Miller
Sony Pictures Entertainment led all studios with four Golden Globe wins in film categories on Sunday night. The studio's haul included three awards for "American Hustle," which had been nominated in seven categories. Sony Pictures, a unit of Sony Corp., led the pack with 15 nominations in movie categories. "American Hustle" took home the awards for best motion picture, musical or comedy; best actress in a motion picture, musical or comedy (Amy Adams); and best supporting actress in a motion picture (Jennifer Lawrence)
BUSINESS
May 18, 2004 | Jeff Leeds
A former Sony Pictures executive was sentenced to a five-year prison term for stealing nearly $500,000 from the film studio by authorizing payments to a firm run by an associate, authorities said. Georgette Sue Studnicka, who served as the studio's vice president for music publishing, also was ordered to pay more than $453,000 in restitution.
BUSINESS
February 9, 2011 | By Ben Fritz, Los Angeles Times
Newly relaunched Metro-Goldwyn-Mayer Inc. is finalizing a deal for Sony Pictures to handle worldwide distribution of its movies and DVDs and for the two studios to co-finance upcoming films, according to people familiar with the situation. Under the arrangement, Sony would fund half of MGM's next James Bond movie, which is planned for release Nov. 9, 2012, and 25% of a potential follow-up. Sony co-financed and released MGM's last two Bond movies, "Casino Royale" and "Quantum of Solace," making it a logical home for Hollywood's longest-running franchise.
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