He will stay on for six months to help find a successor. Monday's statement, however, also comes just over two weeks after it announced the departure of its long-serving Sony Entertainment chief executive, Michael Linton, who steps down next month to become chairman of messaging app owner Snap Inc.
Writedown movie movie#
Most of the movie writedown relates to goodwill recorded at the time of Sony's acquisition of Columbia Pictures in 1989.
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Sony failed to excite cinema in 2016, despite productions like Ghostwriter's and Da Vinci Code sequel Inferno, and underperformed its rivals in the global box office. "However, we believe these are not new issues but instead are an acknowledgement of its past strategic mistakes."
"In our view, it is not easy to stay bullish when Sony makes these announcements so frequently," Jefferies analysts said in a note. She also said Sony expected planned film releases, including the next Spiderman movie due out mid-year to bolster earnings, especially for the financial year from March 2018.īut the latest in a string of writedowns for the overall Sony group rattled its shares in Tokyo on Tuesday, sliding almost 4% before recovering to trade in line with the market. It gave no specific details, but a spokeswoman said Sony was pressing ahead with a turnaround plan, strengthening markets outside the United States, including India and China, bolstering income from intellectual property and cutting costs. It said on Monday that the pictures segment overall - including television - expected to see profits improve as a result of the changes. Sony, under Chief Executive Kazuo Hirai, has been slashing costs to end years of losses across its sprawling business, writing down over-optimistic valuations. In a statement on Monday, the Japanese TV-to-gaming group said it had cut its outlook for earnings from DVD, blu-ray discs and other home entertainment in line with a market decline. TOKYO (Jan 31): Sony Corp will write down the value of its movie business by nearly 112.1 billion yen (US$976 million) in the third quarter, blaming weaker film profits as online streaming services sap demand for movie DVDs.
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