Sony’s Hirai Plans $250 Million in Entertainment Cuts
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Sony Corp. will cut $250 million in costs at its entertainment units over two years, part of Chief Executive Officer Kazuo Hirai’s plan to boost profit and keep full ownership of the movie, TV and music businesses.
The company is reducing the number of films from Columbia Pictures, shifting investment to television production and media networks, and identifying more savings, Sony told investors and analysts yesterday at its Culver City, California, film studio.