Whacks Sony-Columbia's Bottom Line
By Jill Goldsmith
NEW YORK -- This time last year, Sony Pictures was setting
records and spinning gold from SPIDER MAN. Now it's wading in red
ink, trying to forget this year's RAZZIE front-runner GIGLI.
Parent Sony Corp., which reported quarterly results Thursday,
said the studio swung to a $42 million loss, due mostly to a
hefty but unspecified write-down for the clamorous dud starring Worst
Screen Couple shoo-ins Jennifer Lopez and Ben
The GIGLI loss contributed to a 25% plunge in Sony's total net
profit, which fell to $297 million. Revenue was basically flat --
up 0.4% -- at $16.2 billion for the three months ended Sept. 30.
That was Sony's second quarter as the company's fiscal year ends
Sony insisted GIGLI couldn't offset gains from other
RAZZIE-eligible theatrical releases such as BAD BOYS 2, S.W.A.T.,
ANGER MANAGEMENT and DADDY DAY CARE.
Losses from GIGLI in no way compare to the windfall from Spidey,
and the studio would have had a near impossible time matching its
year-earlier numbers under any circumstances. Overall, Sony
anticipates a solid year-end with a holiday sked including THE
MISSING, BIG FISH, SOMETHING'S GOTTA GIVE and Julia Roberts
starrer MONA LISA SMILE.
©2003, Cahners Publications