Sony targets $250M in cuts to movie studio

Tools
  • Print
  • 0 Comments
By AP

Created:

Updated: Thu, 21 Nov 2013 07:18:29 EST

LOS ANGELES (AP) — Sony Corp. says it plans to cut $250 million in annual costs from its movie studio by its fiscal year that ends in March 2016.

The target was outlined in a document presented at an investor day at the Sony Pictures lot in Culver City, Calif., on Thursday.

The push to make its entertainment division more efficient came after hedge fund Third Point LLC took a large minority stake in Sony earlier this year and pressed it to spin off the music and movie division.

The company also targeted movie studio revenue of $8.4 billion and music revenue of $4.8 billion in the year through March 2015, up from $7.80 billion and $4.70 billion in the year through March 2013.

What's on WGXA

What's On Now

7:00 AM - WGXA Morning News

What's On Next

9:00 AM - Family Feud

Tonight

8:00 PM So You Think You Can Dance

10:00 PM WGXA News @ 10pm

What's On Now

7:00 AM - Good Morning America

What's On Next

9:00 AM - Bethenny Frankel Show

Tonight

8:00 PM The Middle

8:30 PM The Goldbergs

9:00 PM Modern Family

9:30 PM Modern Family

10:00 PM Motive