Sony Entertainment Chief Executive Lynton Renews Contract
Michael Lynton, chief executive officer of Sony Entertainment Inc., renewed his contract to run the company’s movie, television and music businesses.
Lynton, 53, also remains chairman and chief executive of Sony Pictures Entertainment, the film studio responsible for the “Spider-Man” and “Men in Black” films, Tokyo-based Sony Corp. (6758) said today in an e-mailed statement. The length of the contract wasn’t disclosed.
The renewal follows Sony’s first-place finish in 2012 in domestic box-office sales with $1.84 billion in receipts from movies including the James Bond installment “Skyfall,” according to website Boxofficemojo.com. Lynton, who runs the studio with Co-Chairman Amy Pascal, assumed expanded duties as head of global entertainment last year as part of a realignment of worldwide operations under new Sony Corp. (SNE) Chief Executive Officer Kazuo Hirai.
Sony’s American depositary receipts fell 1.1 percent to $16.83 at 1:58 p.m. in New York. Through yesterday, the shares had gained 52 percent this year.
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