NEW YORK — As some other big showbiz congloms stumble, giant Sony Corp. has begun to market itself to weary investors as the media and tech company for the broadband era.
Company’s flush with the success of “Spider-Man” (which will be an animated series on MTV this fall), so it’s a good time to get the message out.
Sony Corp. chairman Nobuyuki Idei and Sony Corp. of America topper Howard Stringer made their case Thursday during a packed investor meeting in Gotham, flanked by studio execs John Calley, Amy Pascal, Mel Harris, Jeff Blake, Joe Roth of Revolution Studios, Sony Music head Tommy Mottola and Bob Bowlin of Sony Music Intl. It was the first time Sony has aggressively showcased its entertainment assets alongside electronics and games at a corporate presentation.
Goal is to convince investors that content assets are a good fit with Sony’s consumer devices such as televisions, computers, mobile telephones, CD and DVD players and PlayStation consoles, especially as digital technology advances. Sony said its global entertainment assets are worth an estimated $14 billion-$19 billion.
Stringer said Sony isn’t planning to spin off its showbiz assets any time soon and will focus more on cost-cutting and streamlining than making acquisitions.
“We don’t want to be distracted by big deals where people say a year later, ‘Why did you do that?,’ ” Stringer said.
Sony is also in the midst of a three-year cost-cutting push that will result in annual savings of $400 million, the execs said.