Sony Pictures Entertainment Going Out Business??
Sony Pictures who has the rights to SPIDERMAN, MEN IN BLACK, GHOSTBUSTERS, and GHOST RIDER may not be anymore
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Each year, 24/7 Wall St. regularly compiles a list of brands that are going to disappear in the near-term. Last year's list proved to be prescient in many instances
Sony has a studio production arm which has nothing to do with its core businesses of consumer electronics and gaming. Sony bought what was Columbia Tri-Star Picture in 1989 for $3.4 billion. This entertainment operation has done poorly recently. Sony's fiscal year ends in March, and for the period, revenue for the group dropped 15% to $7.2 billion and operating income fell by 10% to $466 million. Sony is in trouble. It lost $3.1 billion in its latest fiscal year on revenue of $86.5 billion. Sony's gaming system group is under siege by Microsoft (NASDAQ: MSFT - News) and Nintendo. Its consumer electronics group faces an overwhelming challenge from Apple. The company's future prospects have been further damaged by the Japan earthquake and the hack of its large PlayStation Network. CEO Howard Stringer is under pressure to do something to increase the value of Sony's shares. The only valuable asset with which he can easily part is Columbia which would attract interest from a number of large media operations. Sony Entertainment will disappear with the sale of its assets.
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