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Sony Pictures Entertainment (1987)

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  Summary  

Sony Pictures Entertainment, Inc. is the television and film production/distribution unit of Japanese multinational technology and media conglomerate Sony. Its group sales in 2010 has been reported to be of $7.2 billion.

Sony Pictures Entertainment is a member of the Motion Picture Association of America .

  Biography  

On September 28, 1989, Sony Corporation obtained an option to purchase all of The Coca-Cola Company's stake (49%) in Columbia Pictures Entertainment, Inc. (CPE; Columbia Pictures, Tri-Star Pictures, etc.) for $27 per share. The next day, Sony also announced that it reached an agreement with Guber-Peters Entertainment Company, Inc. to acquire the company for $200 million when Sony hired Peter Guber and Jon Peters to head CPE. It was all led by Norio Ohga, who was the president and CEO of Sony during that time. On October 31, 1989, Sony completed a friendly takeover bid for the rest of shares (51%) of CPE, which was a public company listed on the New York Stock Exchange , and acquired 99.3% of the common stocks of the company. On November 8, 1989, Sony completed the acquisition by a "short-form" merger of its wholly owned subsidiary Sony Columbia Acquisition Corporation into CPE under Delaware law. Sony also completed a tender offer for shares of common stock of the GPEC on November 6, 1989 and acquired the company on November 9, 1989. The acquisition cost Sony $4.9 billion ($3.55 billion for shares and $1.4 billion of long-term debt) and was backed by 5 major Japanese banks Mitsui, Tokyo, Fuji, Mitsubishi and Industrial Bank of Japan. The company was renamed Sony Pictures Entertainment on August 7, 1991.

Sony has since created numerous other film production and distribution units, such as creating Sony Pictures Classics for art-house fare, by forming Columbia TriStar Pictures by merging Columbia Pictures and TriStar Pictures in 1998, revitalizing Columbia's former television division Screen Gems, and expanded its growth on April 8, 2005, when a consortium led by Sony and its equity partners acquired the legendary Hollywood studio Metro-Goldwyn-Mayer in a deal worth nearly US$5 billion.

On June 4, 2008, SPE's wholly owned group 2JS Productions B.V. acquired Dutch production company 2waytraffic N.V., famous for Who Wants to Be a Millionaire? and You Are What You Eat for £114.3 million ($223.2 million in US dollars).

On June 3, 2011, SonyPictures.com was hacked, resulting in over a million passwords and e-mail addresses being stolen.

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Whole or part of the information contained in this card come from the Wikipedia article "Sony Pictures Entertainment", licensed under CC-BY-SA full list of contributors here.