`Maybe The Recession Was A Wake Up Call'By
Porsches still sell in Beverly Hills. And no one is taking up a collection for CBS Chairman Larry Tisch. But more than a few Gucci belts were tightened in the entertainment business in 1991 as the excesses of an overindulgent past caught up with Hollywood movie moguls and their three-piece-suited network counterparts back East. CBS Inc. suffered huge losses on its $2 billion in contracts for baseball and football broadcast rights, while Sony Corp.'s Tri-Star Pictures Inc. unit released the turkey of the year, the $50 million Hudson Hawk. "It was all pure folly," says Fox Inc. Chairman Barry Diller. "Maybe the recession was a wake-up call."
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