Sony Corp. will cut $250 million in costs at its entertainment units over two years, part of Chief Executive Officer Kazuo Hirai’s plan to boost profit and keep full ownership of the movie, TV and music businesses.
Sony Corp., which meets with investors this week about improving the company’s entertainment unit performance, has hired Bain & Co. to identify $100 million in cuts, a person familiar with the situation said yesterday.
Last month, the City Council of Culver City, California, gathered steps from where “The Wizard of Oz,” “Gone With the Wind” and other Hollywood classics were filmed, to declare a state of fiscal emergency and ask voters to raise the sales tax by half a cent for 10 years.
Josh Payne spent seven years in San Francisco, where a technology boom has pushed office rents to the highest level in a decade. He headed south to Los Angeles’s Venice area when starting his Internet firm, StackSocial Inc.
A red bicycle with an ice cream cooler mounted in front is parked in the middle of an empty room in an uninhabited mansion in the Santa Ynez Valley, about 120 miles northwest of Los Angeles. On the back of the cooler, written in script, are the letters “MJJ.”