Thursday, May 23, 2024

Sony Stock Plunges 11% After White House Down, Will Smith Disasters Cause Huge Loss

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The triple disasters of Will Smith’s “After Earth,” the failed Channing Tatum-Jamie Foxx thriller “White House Down” and sci fi flick “Elysium” didn’t help Sony’s bottom line in their second quarter. The company reported huge losses today. The Sony stock went right off a ledge on thews– down 11% or more since this morning.

The company said it lost $181 million in the second quarter just on the film division. Cited specifically in the report was “White House Down.” But the two others were just as bad. And Sony had problems in television as well. Here’s the complete report: http://www.sony.net/SonyInfo/IR/financial/fr/13q2_sony.pdfsnapshot_chart_api.asp

Some good news: Adele helped Sony Music, as did Justin Timberlake. Sony Music has had the two biggest selling albums in the last two years. Also helpful is the success of Sony/ATV Music Publishing, which the company co-owns with Michael Jackson. Until artists start trying to get their rights back for post-1976 recordings, music publishing is thriving.

But oh how a year turns: in 2012 Sony was pumped from “Amazing Spider Man” and “Skyfall.” They can’t wait for another “Spider Man” movie in 2014.

 

Roger Friedman
Roger Friedmanhttps://www.showbiz411.com
Roger Friedman began his Showbiz411 column in April 2009 after 10 years with Fox News, where he created the Fox411 column. His movie reviews are carried by Rotten Tomatoes, and he is a member of both the movie and TV branches of the Critics Choice Awards. His articles have appeared in dozens of publications over the years including New York Magazine, where he wrote the Intelligencer column in the mid 90s and covered the OJ Simpson trial, and Fox News (when it wasn't so crazy) where he covered Michael Jackson. He is also the writer and co-producer of "Only the Strong Survive," a selection of the Cannes, Sundance, and Telluride Film festivals, directed by DA Pennebaker and Chris Hegedus.
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