Sony Pictures
Formerly | Columbia Pictures Entertainment, Inc. (1987–1991) Sony Pictures Entertainment Inc. (1991-2020) |
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Company type | Division |
Industry | Entertainment |
Founded | December 21, 1987 August 7, 1991 as Sony Pictures Entertainment, Inc. | as Columbia Pictures Entertainment, Inc.
Headquarters | 10202 West Washington Boulevard, , United States |
Area served | Worldwide |
Key people | Tom Rothman (Chairman) |
Products | Motion pictures |
Services | |
Revenue | US$9.133 billion (FY2017) |
US$376 million (FY 2017) | |
Owner | Sony Group |
Number of employees | est. 3,500 (2016) |
Parent | Sony Media Group |
Divisions | |
Subsidiaries | |
Website | sonypictures.com |
Sony Pictures Group (known simply as Sony Pictures and abbreviated as SPE; formerly Sony Pictures Entertainment Inc.) is an American entertainment company that produces, acquires and distributes filmed entertainment (theatrical motion pictures, television programs, and recorded videos) through multiple platforms. It is operated as a subsidiary of Sony Entertainment Inc., which is itself a wholly owned subsidiary of the Tokyo-based multinational technology and media conglomerate Sony Group Corporation. it encompasses Sony's motion picture, television production and distribution units. Its group sales in the fiscal year 2017 (April 2017 – March 2018) has been reported to be $9.133 billion. SPE is a member of the Big Five and the Motion Picture Association (MPA).
Sony Pictures' film franchises include The Karate Kid, Ghostbusters, Spider-Man, Jumanji, Stuart Little, Men in Black, Underworld, Robert Langdon, The Smurfs (via Peyo), Sniper, Hotel Transylvania, Cloudy with a Chance of Meatballs, and many more.
History[edit]
On September 1, 1987, The Coca-Cola Company announced plans to spin off its assets of Columbia Pictures, which it had owned since 1982. Under this arrangement, Coca-Cola would sell its entertainment assets to TriStar Pictures, of which it owned 39.6%. Tri-Star would be renamed as Columbia Pictures Entertainment, Inc. (CPE), with Coca-Cola owning 49%, its shareholders owning 31%, and Tri-Star's shareholders owning 20%. A new company was formed in early 1988 with the Tri-Star name to take over the studio's operations.
On September 28, 1989, Sony obtained an option to purchase all of The Coca-Cola Company's stock (approximately 54 million shares or 49% of the outstanding shares) in CPE for $27 per share. The next day, Sony also announced that it reached an agreement with Guber-Peters Entertainment Company, Inc. (NASDAQ: GPEC; formerly Barris Industries, Inc.) to acquire CPE for $200 million when Sony hired Peter Guber and Jon Peters to be its co-chairmen. This was all led by Norio Ohga, who was the president and CEO of Sony during that time.
The hiring of Guber and Peters by Sony to run Columbia was conflicted by a previous contract the producers had signed at Warner Bros. Time Warner's chairman, Steve Ross, threatened Sony with a lawsuit for breach of contract. The lawsuit would be subsequently dropped when Sony sold half-interest in Columbia House and cable distribution rights to Columbia's feature films, TV movies, and miniseries to Warner Bros. That same agreement also saw Columbia sell its 35% interest in the Burbank Studios and acquired Lorimar Studios, previously the MGM lot, from Warner Bros.
On October 31, 1989, Sony completed a friendly takeover bid for the rest of shares (51%) of CPE, which was a public company listed on the New York Stock Exchange (NYSE: KPE), and acquired 99.3% of the common stock of the company. On November 8, 1989, Sony completed the acquisition by a "short-form" merger of its wholly owned subsidiary Sony Columbia Acquisition Corporation into CPE under Delaware law. Sony also completed a tender offer for shares of common stock of the Guber-Peters Entertainment Company on November 6, 1989 and acquired the company 3 days later. The acquisition cost Sony $4.9 billion ($3.55 billion for shares and $1.4 billion of long-term debt) and was backed (financed) by five major Japanese banks Mitsui, Tokyo, Fuji, Mitsubishi and Industrial Bank of Japan. The company was renamed Sony Pictures Entertainment on August 7, 1991.
Sony has since created numerous other film production and distribution units, such as creating Sony Pictures Classics for art-house fare, by forming Columbia TriStar Pictures (also known as the Columbia TriStar Motion Picture Group) by merging Columbia Pictures and TriStar Pictures in 1998, revitalizing Columbia's former television division Screen Gems. It expanded its operations on April 8, 2005, when a Sony-led consortium acquired the legendary Hollywood studio Metro-Goldwyn-Mayer, in a US$4.8 billion leveraged buyout, through the holding company MGM Holdings Inc.
This in effect re-united the MGM studio name, with the MGM main studio lot, although somewhat confusingly, the bulk of the pre-1986 original MGM library ended up at Warner Bros. via the Ted Turner-Kirk Kerkovian "Turner Entertainment Company" transactions. The post-1986 MGM library consists of acquisitions of various third-party libraries, such as the Orion Pictures catalogue, leading to the MGM version of "Robocop".
On June 4, 2008, SPE's wholly owned group 2JS Productions B.V. acquired Dutch production company 2waytraffic N.V., famous for Who Wants to Be a Millionaire?, acquired from the original production company Celador, and You Are What You Eat for £114.3 million ($223.2 million in US dollars).
In 2011, the Sony Pictures computer network was breached and approximately one million user accounts associated with the SonyPictures.com website were leaked.
On November 18, 2012, Sony Pictures announced it has passed $4 billion with the success of releases: Skyfall, The Amazing Spider-Man, 21 Jump Street, Men in Black 3, Hotel Transylvania, Underworld: Awakening, The Vow, and Resident Evil: Retribution. On November 21, 2013, SPE and Sony Entertainment's CEO Michael Lynton announced that SPE will shift emphasis from movies to television by cutting its 2014 film slate. It was also announced on the same day, that there will be more Spider-Man sequels and spin-offs, though in February 10, 2015, Sony Pictures eventually signed a deal with Disney's Marvel Studios to allow Spider-Man to appear in the Marvel Cinematic Universe, beginning with Captain America: Civil War, before appearing in Spider-Man: Homecoming which was released on July 7, 2017. The deal also allowed Sony to distribute and have creative control on any MCU film where Spider-Man is the main character (such as Homecoming and its sequel Spider-Man: Far From Home), while Disney will distribute MCU films where Spider-Man appears without being the main character.
On January 22, 2014, SPE folded its technology unit into the various cores of its businesses. In April, Sony Pictures arranged a film financing deal worth $200 million with LStar Capital, the credit venture of Lone Star Capital and CitiBank, half in debt and the other in equity to fund most of SPE's film slate for several years. SPE was originally considering a $300 million deal with Blue Anchor Entertainment, led by Bloom Hergott partner John LaViolette and former investment banker & producer Joseph M. Singer, and backed by Longhorn Capital Management and Deutsche Bank, which was held up by regulatory matters.
On February 6, 2014, Columbia TriStar Warner Filmes de Portugal Ltda., a joint venture with Warner Bros. which distributed films from both companies in Portugal, announced that they will close their offices on March 31. Sony Pictures films are distributed in Portugal by Big Picture Films since then. Ironically, Warner Bros. itself currently distributes Sony Pictures films in Italy.
As a result of reevaluating the assets of the motion pictures and television productions businesses (capitalized film costs, including the value of the film library mostly recorded at the 1989 acquisition of CPE), Sony recorded a $962 million non-cash goodwill impairment charge in SPE in the third quarter of 2016.
On July 3, 2018, Sony accidentally uploaded the film Khali the Killer on YouTube in its entirety. The film stayed up for several hours before being removed.
2014 hack[edit]
Template:Main article In November 2014, the Sony Pictures computer network was compromised by a group of hackers named Guardians of Peace, disabling many computers. Later the same week, five of Sony Pictures' movies were leaked, including some not yet released (such as Fury and Annie), as well as confidential data about 47,000 current and former Sony employees. Film historian Wheeler Winston Dixon suggested that the hack, which exposed the inner workings of the studio, was "not a pretty picture," and served as a "wake-up call to the entire industry." The hack also revealed some other documents, emails between Hollywood moguls referring to Barack Obama's cinematic tastes, a possible partnership with Marvel Studios for the inclusion of the superhero Spider-Man in Captain America: Civil War, which was later confirmed on February 2015, amongst others. On December 16, the hackers issued a warning to moviegoers, threatening to attack anyone who sees The Interview during the holidays and urging people to "remember the 11th of September 2001".
On February 24, 2015, Tom Rothman was named chairman of SPE's motion picture group to replace Amy Pascal.
On April 16, 2015, WikiLeaks published over 30,287 documents, 173,132 e-mails, and 2,200 corporate e-mail addresses of Sony Pictures' employees. WikiLeaks said in a press release that the content of the leaks were "newsworthy and at the center of a geo-political conflict" and belonged "in the public domain". Sony Pictures later condemned the hack and subsequent leaks, calling it a "malicious criminal act", while also criticizing WikiLeaks for describing the leaked content as public domain.
Seth Rogen has expressed doubts about North Korea being responsible for the 2014 Sony hack. Based on the timeline of events and the amount of information hacked, he believes the hack may have been conducted by a Sony employee.
Operations[edit]
Studio Divisions[edit]
Production | Distribution | Other |
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Production and distribution deals[edit]
Sony Pictures Releasing[edit]
Formerly | Triumph Releasing Corporation |
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Company type | Division |
Industry | Motion pictures |
Founded | November 23, 1994 |
Headquarters | 10202 West Washington Boulevard., Culver City, California , United States |
Services | Film distribution and marketing |
Parent | Sony Pictures Group |
Website | www.sonypictures.com |
International arrangements[edit]
From 1971 until the end of 1987, Columbia's international distribution operations were a joint venture with Warner Bros., and in some countries, this joint venture also distributed films from other companies (like EMI Films and Cannon Films in the UK). The venture was dissolved in 1988.
On February 6, 2014, Columbia TriStar Warner Filmes de Portugal Ltda., a joint venture with Warner Bros. which distributed films from both companies in Portugal, announced that they will close their offices on March 31. Sony Pictures' films are distributed in Portugal by Big Picture Films since then, while NOS Audiovisuais took over the distribution duties for Warner Bros. films in the country.
The distribution of Sony Pictures' films in Italy is still handled by Warner Bros..
Sony Pictures and Walt Disney Studios formed a film distribution joint venture in Southeast Asia in 1997. By December 2006, 14 joint distribution ventures between Sony Pictures Releasing International and Walt Disney Studios Motion Pictures were formed and exist in countries including Brazil, Mexico, Singapore, Thailand and the Philippines. In January 2007, their 15th such partnership began operations in Russia and CIS. In February 2017, Sony starting leaving the Southeast Asia venture with the Philippines. In August 2017, Sony terminated the joint venture agreement for their own operations. On January 31, 2019, in anticipation of Disney's then-pending acquisition of the most 21st Century Fox assets (which includes 20th Century Fox), it was agreed that Disney would sell its stake in the Mexican joint venture named Walt Disney Studios Sony Pictures Releasing de México to Sony Pictures Releasing, it also followed in some countries, such as, Ukraine and Russia.
Financers[edit]
- Village Roadshow Pictures (2001, 2014-2016)
- Metro-Goldwyn-Mayer (2011–2016)
- LStar Capital and CitiBank (2014–2017)
- Cross Creek Pictures (2015–present)
Film series[edit]
Highest-grossing films[edit]
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External links[edit]
- www.sonypictures.com
- SonyPictures.net (Sony Pictures Global Gateway)
- Sony Pictures Entertainment Museum
- Template:Imdb company
- Sony Pictures Entertainment collection, circa 1920s-1960s, Margaret Herrick Library, Academy of Motion Picture Arts and Sciences
- Sony Pictures Entertainment
- Film distributors of the United States
- Film production companies of the United States
- Entertainment companies based in California
- Media companies of the United States
- Members of the Motion Picture Association of America
- Multinational companies
- Sony subsidiaries
- Companies based in Culver City, California
- American companies established in 1991
- Entertainment companies established in 1991
- Media companies established in 1991
- 1991 establishments in California