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: 261

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.

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

Susan Johnston posted an event

11th Annual New Media Film Festival at The Landmark

June 3, 2020 to June 4, 2020
Saturday
Bianca Salter is now a member of Culver City Times
Friday
West Basin MWD posted events
Wednesday
Lucy Pollak posted an event
Thumbnail

"Found" from IAMA Theatre Company at Los Angeles Theatre Center

February 14, 2020 at 8pm to March 23, 2020 at 10pm
Jan 20
Donald Shapiro posted a photo
Jan 18
B. Henson posted events
Jan 16
Lucy Pollak posted an event
Thumbnail

Human Interest Story at The Fountain Theatre at The Fountain Theatre

February 12, 2020 at 8pm to April 5, 2020 at 10pm
Jan 15
Dr Suzanne De Benedittis posted an event
Thumbnail

FRUIT TREE PRUNING DEMONSTRATION at Culver City

January 19, 2020 from 2pm to 4pm
Jan 10

Play "Where Am I in Culver City?"

Not a member? Sign up here to leave your answer.

Good luck!

To see the answer, click here.

© 2020   Created by Culver City Times.   Powered by

Badges  |  Report an Issue  |  Terms of Service