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With Michael Lynton's Exit, What's Next for Sony Pictures?

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With Michael Lynton's Exit, What's Next for Sony Pictures? cc Wednesday, January 18, 2017 latimes.com/news With Michael Lynton’s exit, what’s next for Sony Pictures? By RYAN FAUGHNDER AND MEG JAMES TIMES STAFF WRITER apanese electronics giant Sony Corp. is known for run- J ning its prized Hollywood studio with a light touch, rarely interfering in the movie and TV business since buying Columbia Pictures in 1989. That’s about to change. After years of box office strug- gles and corporate upheaval, Sony Chief Executive Kazuo Hirai is preparing to take a more active role at Sony Pictures Entertain- ment. The move follows the exit of longtime studio head Michael Michael Lynton, former longtime co-cchairman of Sony Pictures Entertainment Lynton, who is leaving (Robert Gallagher / Sony) for Snapchat. In a telling sign, Tokyo-based Hirai is setting up a second office turmoil after the massive 2014 Compounding matters, Sony at Sony’s Culver City campus to computer hack by North Korea. has struggled to make big hits. oversee management of the com- Lynton hired former Fox executive Last year’s “Ghostbusters” reboot pany’s struggling entertainment Tom Rothman to lead its movie disappointed at the box office, as assets. He’s got his work cut out business nearly two years ago after did Ron Howard’s latest “Da Vinci for him. Amy Pascal lost her job following Code” sequel “Inferno.” The re- “He’s going to have to be very the hack, which was sparked by cent space romance hands on, at least for the next six the making of “The Interview,” a “Passengers” has also fared poorly months,” said Matthew Harrigan, satirical movie about North Kore- despite the star power of Chris an analyst with Wunderlich Secu- an leader Kim Jong Un. Pratt and Jennifer Lawrence. rities who covers the entertain- Sony hoped Rothman would Sony executives declined to ment industry. “They have histori- bring fiscal responsibility to the comment. cally been very hands off with studio while making global block- Hirai, 56, became CEO of Sony Sony Pictures, and it has often busters, but his micromanaging Corp. in 2012, replacing Howard been to their detriment.” leadership style has frustrated ex- Stringer. He’s a Hollywood outsid- Now, Hirai will be under pres- ecutives on the lot and damaged its er, having spent most of his career sure to devise a plan to rebuild a standing with talent agencies, said in the video game space. He studio hobbled by low morale, on- several people close to the studio joined Sony in 1984, straight out going sale rumors and executive not authorized to comment public- of college, as an executive at a mu- ly. sic joint venture owned by CBS Blacklist” for NBC and “Better March, down 3% from a year earli- and Sony. Call Saul” for AMC. Sony forged er. Also, the company doesn’t need One of Hirai’s first priorities deals with streaming services, in- cash from a studio sale, given the will be replacing Lynton, who de- cluding Netflix and Amazon, and success of its PlayStation 4 gaming parts Feb. 2 and will help with the it has one of Hollywood’s most console. transition. Hirai is expected to lucrative TV distribution business- Some analysts doubt Sony Pic- meet with candidates in the com- es with “Seinfeld,” “Jeopardy,” tures will be sold anytime soon. ing weeks. Jim Gianopulos, “Wheel of Fortune” and “The Dr. Hirai wouldn’t want to sell when the former 20th Century Fox film Oz Show.” Sony also produces Sony is struggling, Harrigan said. chief who was ousted last year to “The Young & the Restless,” “Psychologically, a guy like that make way for Stacey Snider, which draws strong ratings for isn't going to be too disposed to would be a logical choice to try to CBS in daytime. exit the business at a low point,” turn Sony Pictures around, ana- CBS Chief Executive Leslie Harrigan said. lysts and insiders said. Other Moonves has always wanted to run The company has high hopes names that have been floated in- a film studio, and Sony brings a for “Spider-Man: Homecoming,” clude former DreamWorks Ani- major operation with rights to lu- co-produced by Disney’s Marvel mation Chief Executive Jeffrey crative film properties. A person Studios, which opens in Ju- Katzenberg, former Disney Chief close to CBS said Tuesday there ly. Other upcoming movies in- Operating Officer Thomas Staggs are no active conversations about a clude “Smurfs: The Lost Village” and former Fox TV executive To- merger. in April and “The Dark Tower,” ny Vinciquerra. Other potential suitors include based on the Stephen King fantasy Sony could elevate Andy content-hungry Silicon Valley gi- series, also in July. Kaplan, who is president of ants such as Apple Inc., mobile Meanwhile, Lynton is poised to Sony’s television networks world- phone carriers such as Verizon enjoy a huge windfall from his ear- wide. Alternatively, the company Communications, and Chinese ly investment in Snapchat maker could realign its film and TV com- conglomerates such as Dalian Snap Inc., which is aiming for an panies under Andrew House, who Wanda Group, which signed a deal initial public offering this quarter. runs the successful video games in September to invest in A big payday from the social mes- division. Though dismissed by Sony’s movie slate. Wanda al- saging company would have been Sony, such a move may help the ready owns AMC Thea- seen as a conflict of interest with electronics giant achieve its origi- tres, Legendary Entertain- his Sony role, especially now that nal mission: to marry content with ment and Dick Clark Productions. Snap is getting into the camera and tech offerings such as the popu- “There are clearly buyers on the wearable computer business that lar PlayStation gaming console. prowl for a studio,” said Los An- competes with Sony. Some see Hirai’s increased in- geles investment banker Lloyd He became chairman of Snap’s volvement as a sign of even bigger Greif. “There are certainly a lot of board late last year and has been a changes to come, including a pos- sharks circling.” leading advisor to CEO Evan Spie- sible full or partial sale of the stu- Others dismiss speculation that gel, but he is not expected to have dio. Sony, for years the subject of Sony will unload the movie and an executive role at the Los Ange- sale rumors, is valued at about $12 TV business, saying Hirai’s in- les tech firm. billion, some analysts say. creased presence indicates Sony’s One of the most likely buyers, commitment to keeping its enter- CBS Corp., has long been interest- tainment units in-house. Movies ed in Sony’s assets, including its and TV remain a profitable seg- international distribution system ment for Sony — the unit is fore- and its television production in casting about $256 million in oper- Culver City. Sony produces nu- ating income, primarily from TV, merous hits, including “The in the fiscal year that ends in .
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