Saturday, July 31, 2021

SONY PICTURES BEGINS ROUND OF LAYOFFS

March 18, 2014 by · 1 Comment 

When a studio is rolling in wealth from a string of big blockbusters, it rarely looks for ways to reduce costs. For years Sony was in that position, particularly with its Spider-Man franchise, as its film division was the envy of its loss-making consumer-products units. But over the past year or so, Sony’s entertainment division has fallen on difficult times. In its second quarter, Sony Pictures posted a $181-million operating loss following several flops, including This Is the End and White House Down. On Monday, the Los Angeles Times reported that to offset such losses Sony has begun a new round of staff cuts in an effort to reduce costs by $250 million.