Sony Entertainment looks to cut at least $100 million

Sony Entertainment looks to cut at least $100 million

Credit: AFP/Getty Images

This multiple exposure picture shows Sony's executive deputy president Kazuo Hirai, who was named new president and chief executive officer as of April 1, as he speaks during a news conference as the Japanese games, music and electronics giant releases its quarterly earnings reports in Tokyo on February 2, 2012. Japanese entertainment giant Sony more than doubles its full-year net loss forecast to 2.9 billion USD, one day after announcing that its president and CEO Howard Stringer would step aside. AFP PHOTO / KAZUHIRO NOGI --- ATTN EDITORS: MULTIPLE EXPOSURE PICTURES (Photo credit should read KAZUHIRO NOGI/AFP/Getty Images)

Print
Email
|

by RYAN NAKASHIMA / AP Business Writer

AP Business Writer

Posted on November 18, 2013 at 10:44 PM

LOS ANGELES (AP) -- Sony Entertainment, the movie and music arm of Sony Corp., is looking to cut at least $100 million in costs and has hired consulting firm Bain & Co. to conduct a review of its operations.

That's according to a person familiar with the matter who wasn't authorized to speak publicly about the matter since the review is not complete.

The review comes as Sony prepares to discuss its entertainment business with investors in a push to become more transparent as a company.

Sony CEO Kazuo Hirai and Sony Entertainment CEO Michael Lynton are to speak to investors at the Sony Pictures lot in Culver City, Calif., on Thursday.

In the quarter through September, the movie studio lost about $181 million.

 

Print
Email
|