Sony to Take $1 Billion Writedown on Movie Business
“Sony Corp. said it will take a 112 billion yen ($1 billion) writedown in its movie business after reviewing the future profitability of its operations.
The company said it would book the charge in the fiscal third quarter and is examining how that will affect its forecasts. To offset part of the loss, the company also said it would sell shares in the medical web service M3 Inc. to Goldman Sachs Group Inc.’s Japan unit, in a deal worth about 37 billion yen.
The announcement comes two weeks after Sony said the chief executive officer of Sony Entertainment, Michael Lynton, is stepping down after a 13-year run. The studio has struggled recently, including with last year’s Ghostbusters sequel and a movie based on the Angry Birds video game. Sony warned in June the division was at a risk of posting more losses.
“There has been a suspicion in the market that Sony doesn’t have a firm grip on the movie business, but still the amount is a surprise,” said Kazunori Ito, an analyst at Morningstar Investment Services. “That said, with Lynton’s departure and this writedown, all the bad news is out and the attention can turn on their plan for the coming fiscal year.”
…. Continue reading more @ Bloomberg
Ben Affleck FLOPS at the box office as Live By Night suffers VERY bad US opening
– Express UK
BEN AFFLECK’S new movie Live By Night is an indisputable bomb at the US box office, it has been revealed – as it failed to even crack the Top 10 on its opening weekend
The picture had its nationwide release over Martin Luther King weekend in the States and is said to have so far taken only $5.4 million as of yesterday – putting it $200,000 clear of the month-old Passengers, which is in tenth place.
Affleck wrote, directed and starred in the crime drama, which he promoted on the UK’s Graham Norton Show last week.
With a budget of $65 million, studio Warner Bros. are likely to be severely disappointed with its lowly ticket receipts.”
…..Continue reading @ Express UK
SAG Awards & Politics: Ratings Downer Slips by 31% as Actors Go Political
– Deadline Hollywood
“In overall viewers, last night’s SAG Awards battling 65th annual Miss Universe Pageant drew a total audience of 5.21 million. That’s down 31% from the 63rd ceremony in early 2015 and a decline of 16% from the NFL-facing 64th ceremony in late 2015. With that, Fox did win the night in the 18-49 but came second to CBS’s 9.16 million in total viewership.”
….Continue reading @ Deadline.com