Sony to Lay Off 216 Employees in Culver City -- CEO Blames Summer Flop "After Earth"

As part of an effort to find $350 million in savings worldwide, Sony has reported that it will lay off 216 employees at its Culver City headquarters. The layoffs will reportedly include the elimination of Sony's interactive marketing division. Says the Wall Street Journal's MarketWatch.com: "Explaining the need for the cost savings in November, Sony Pictures Chief Executive Michael Lynton cited the studio's shifting investment from movies to television, along with a brutal summer that included two high profile flops."

The two flops that Lynton is referring to here are Will Smith's enervated vanity piece "After Earth" and the Die Hard-in-the-White-House buddy pic "White House Down." These are the films that Daniel Loeb -- the founder of hedge fund Third Point, a major investor in Sony -- referred to as “2013′s versions of Waterworld and Ishtar."

Lest we lose pride in our local movie studio, however, Indiewire has this evaluation of Sony's 2013 successes: "The best news for the company came from one sleeper summer hit ("This Is the End") and two late-year awards contenders that are scoring worldwide ("Captain Phillips" and "American Hustle"). And all three combined averaged around $40 million in production budget." 

Views: 191

Tags: Sony

Comment

You need to be a member of Culver City Times to add comments!

Join Culver City Times

Comment by Crystal Covington on March 20, 2014 at 1:41pm

Will be interesting to see how this affects all the downtown eateries that have big crowds at lunchtime from Sony.  Having 200+ less people will definitely make an impact, it's too bad.

Photos

Loading…
  • Add Photos
  • View All

The Culver City Times is the news and social network for Culver City.  Stay informed.  Join now!

      • Got news you think everyone should know? Blog it.

• Have a show or attending a benefit? Put it on the calendar.
• Got video of the big game? Embed it.
• Photos of your business or the school play? Upload them.

For daily updates

Enter your email address:

Delivered by FeedBurner

Latest Activity

Devon Corlew posted an event

The Culver Village Holiday Bash at The Culver Village

December 6, 2014 from 1pm to 4pm
Friday
Joan Mead posted an event

Merry Musical Magic - Holiday Concert at Culver City Julian Dixon Library

December 13, 2014 from 3pm to 4pm
Friday
Martin Bennett's event was featured
Thumbnail

"HOUND DOG DAVE & THE MEL-TONES" at Typhoon Restaurant at the Santa Monica Airport

November 22, 2014 from 9:30pm to 11:30pm
Friday
Nuo Liu's event was featured
Thumbnail

Art Devotionals Book Launch Party at Beard Papas

November 23, 2014 from 2pm to 5pm
Friday
Nuo Liu promoted Nuo Liu's event Art Devotionals Book Launch Party
Friday
Nuo Liu posted an event
Thumbnail

Art Devotionals Book Launch Party at Beard Papas

November 23, 2014 from 2pm to 5pm
Friday
Nuo Liu is now a member of Culver City Times
Friday
Martin Bennett posted an event
Thumbnail

"HOUND DOG DAVE & THE MEL-TONES" at Typhoon Restaurant at the Santa Monica Airport

November 22, 2014 from 9:30pm to 11:30pm
Friday

© 2014   Created by Culver City Times.

Badges  |  Report an Issue  |  Terms of Service