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Article: Sony's big shake-up. (the firing of Mark Canton, chairman of Columbia and TriStar studios, has caused the further disruption of business and major uncertainty within Sony Pictures Entertainment's two movie studios)(Brief Article)
- Article from:
- Newsweek
- Article date:
- September 23, 1996
- Author:
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Copyright informationCOPYRIGHT 1996 Newsweek, Inc. All rights reserved. Any reuse, distribution or alteration without express written permission of Newsweek is prohibited. For permission: www.newsweek.com. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Studio chief Canton is canned
ALAN J. LEVINE, THE DOUGH-FACED chairman of Sony Pictures Entertainment, had one important job: [stabilize Columbia and TriStar studios. If he did that by the end of this year-- two years after Sony took the humiliating step of writing off $3.2 billion in studio losses-Sony could move beyond its recent troubled past. Levine's boss, Sony Corp. president Nobuyuki Idei, talked publicly about his commitment to the entertainment division, but privately met with investment bankers about selling it. If Levine did his job, Idei would have that option.
Levine failed. Last week he pinned the blame on studio chairman Mark Canton. Canton was fired, but ...
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