![]() ![]() Sony Corp will write down the value of its movie business by nearly 112.1 billion yen (976 million) in the third quarter, blaming weaker film profits as online streaming services sap demand for movie DVDs. ![]() Ars liked the former, but we skipped a formal review of the latter.Įarlier this month, Sony’s entertainment chief, Michael Lynton, announced that he would be leaving the company after 13 years in order to focus on being the chairman of Snap Inc., the parent company of Snapchat. Sony was pressing ahead with a turnaround plan, strengthening markets outside the United States, including India and China. In addition to the home entertainment business losses, two of Sony Pictures' biggest 2016 productions, Ghostbusters and Angry Birds, did not do particularly well in theaters. “The decline in the DVD and Blu-ray market was faster than we anticipated,” Takashi Iida, a Sony spokesman, told Bloomberg News. Sony said Monday that it will book a near 1 billion writedown to the goodwill value of its movie business as online streaming rivals continue to pressure its profitability. That's driven in large part by the fact that most of us are watching a lot of movies and TV shows via streaming services these days. Sony Corp will write down the value of its movie business by nearly 112.1 billion yen (780 million pounds) in the third quarter, blaming weaker film profits. Peabody and Sherman, opened in March and received a 57 million write-down in April. in 1989.”Īs such, the Japanese corporate giant is taking a $977 million (112.1 billion yen, £780 million) writedown in its movie business. Vietnam pulls movie over scene with South China Sea map. ![]() The statement continued: "A majority of the goodwill that was impaired was originally recorded at the time of the acquisition of Columbia Pictures Entertainment, Inc. In a Monday statement to investors, the company attributed the “downward revision… to a lowering of previous expectations regarding the home entertainment business, mainly driven by an acceleration of market decline.” Further Reading Cats and dogs are living together because the new Ghostbusters is actually good Sony has finally figured out what the rest of us already knew-people just aren’t buying physical media like they used to. ![]()
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