REPORT: SONY TO TRIM $100 MILLION FROM ITS LEDGERS

Sony Entertainment, which is not enjoying one of its better years, has hired Bain & Company to help it cut $100 million or more from its annual costs, the New York Times reported today (Tuesday), citing people with knowledge of the matter. Sony responded to the report with an oblique statement noting that it is “conducting a review of its business to identify further efficiencies.” The Times suggested that the company’s plans to trim costs, which, in the words of the newspaper, “would almost assuredly result in layoffs,” were triggered by increasing criticism from activist investor Daniel Loeb, who recently called for part of the entertainment unit to be spun off. Further details about the company’s plans are expected to be disclosed at a state-of-the-studio presentation on Thursday at which Loeb and other investors are expected to attend.