×

Sony CEO Stresses Value of Sony Pictures Entertainment at Strategy Briefing

TOKYO — Sony Corp. CEO Kenichiro Yoshida underscored the importance of Sony Pictures Entertainment to the conglomerate’s strategy going forward at a media briefing Tuesday, citing the global boom in subscription streaming services.

The comments from Yoshida, who hosted the session with SPE chairman and CEO Tony Vinciquerra, come amid industry consolidation and possible pressure from activist investor Daniel Loeb, whose Three Point hedge fund recently upped its Sony holdings by $63 million.

In 2013, Loeb publicly urged Sony to sell off part of its entertainment businesses to boost shareholder value. Sony rejected that proposal, but speculation remains that Loeb will renew his call for the company to unload Sony Pictures Entertainment.

“The proliferation of subscription streaming services has increased the demand for music and video entertainment content,” Yoshida said. “This is acting as a tailwind for companies like Sony that own businesses which produce music and video content such as movies, television shows and animation.”

Yoshida added that SPE “can be said to have a unique market position.” First, he explained, as one of the few remaining independent studios, “We can sell our content to multiple services.” Second, he continued, Sony has “a large content library that can be revitalized,” as well as rights to more than 900 Marvel characters. Third, as a member of the Sony Group, SPE can develop synergies with other Sony entertainment companies.

“We believe that the diverse opportunities that are available to creators across our music, video and gaming business, as well as our technology, enhance the possibility that top-level creators will want to work with us,” said Yoshida.

Popular on Variety

More Film

  • A White White Day

    Film Movement Brings ‘A White, White Day’ to the U.S. (EXCLUSIVE)

    OSLO  —  New-York based distributor Film Movement has acquired U.S. rights to critically-lauded Icelandic drama “A White, White Day,” today’s opening film at New Nordic Films in Haugesund. In a separate deal, sales agent New Europe Film Sales has closed French-speaking Canada with Funfilm and English-speaking Canada with Game Theory. Hlynur Pálmason’s sophomore pic, “A [...]

  • (from left) Deckard Shaw (Jason Statham)

    Korea Box Office: ‘Hobbs & Shaw’ Topples ‘Exit,’ ‘Roar to Victory’  

    Opening on Wednesday, “Fast & Furious Presents: Hobbs & Shaw” debuted on top of the South Korean box office. Showing on some 1,311 screens nationwide, the UPI release earned $15.1 million from 2.03 million admissions over five days. That included the four-day National Liberation Day weekend. “The Battle: Roar to Victory” remained in second. The [...]

  • Tracy Morgan Netflix stand-up special

    Film News Roundup: Tracy Morgan Joins Eddie Murphy's 'Coming 2 America'

    In today’s film news roundup, Tracy Morgan and Michael Rooker book roles in major movies, and Gravitas buys “Christmas Break-In.” CASTINGS Tracy Morgan has signed on to appear in Eddie Murphy’s “Coming 2 America” sequel as the brother of Lesley Jones’ character. “Hustle & Flow” helmer Craig Brewer is directing the project with Murphy, Kevin [...]

  • Spider-Man Far From Home

    'Spider-Man: Far From Home' Gets Re-Release With New Scene

    Sony Pictures is re-releasing “Spider-Man: Far From Home” with a new action scene. Starting Aug. 29, a new extended cut, featuring four minutes of a never-before-seen action sequence, will be released in theaters in the United States and Canada. The film will also be available in IMAX and large formats in select locations. “Spider-Man: Far [...]

  • Matthew Modine

    Supporters Back Matthew Modine After Clumsy Joke at SAG-AFTRA Meeting

    More than 100 women, including Ellen Barkin and Allison Janney, have voiced support for Matthew Modine’s campaign for SAG-AFTRA presidency, following a joke at a SAG-AFTRA meeting that some decried as misogynist. With voting set to conclude on Aug. 28, the campaigns have featured vitriolic attacks between supporters of Modine, secretary-treasurer Jane Austin and incumbent [...]

  • Lady Gaga

    Variety Earns 14 Folio: Eddie & Ozzie Award Nominations

    Variety has received 14 Folio: Eddie & Ozzie award nominations for its coverage of the entertainment industry over the past year. The awards gala, which will take place at The Hilton Midtown in New York City on Oct. 30, celebrates publications that have demonstrated impressive investigative journalism, in addition to thoughtful digital and print design. [...]

  • WGA Agents Packaging Fight Placeholder

    Writers Guild Withdraws State Suit Against Agencies, Refiles in Federal Court

    The Writers Guild of America has withdrawn its state court suit against WME, CAA, UTA and ICM Partners alleging packaging fees are illegal and re-filed suit in federal court. The WGA also responded to antitrust claims brought against the guild by the three agencies. Those agency suits alleged that the WGA abused its power in [...]

More From Our Brands

Access exclusive content