Daily VARIETY

'GIGLI' Really 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 Affleck.

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 in March.

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