NYT: Sony Hires Consulting Firm In Rumored $100M Cost-Cutting Plan
CULVER CITY (CBSLA.com) — Executives at Sony Entertainment may be considering $100 million in cuts that could result in overhead cuts and layoffs, according to a report Monday.
Sony Entertainment CEO Michael Lynton was expected to announce the hiring of global management firm Bain & Company at an upcoming investor meeting scheduled for Thursday at the Sony studio lot in Culver City, according to the New York Times.
Such a sizable cost-cutting measure “would almost assuredly result in layoffs, according to people with knowledge of the matter,” the Times reported.
A Sony spokesperson would not comment on the report, but released the following statement to the Times: “As part of a nearly four-year process of increasing financial discipline, Sony Pictures is conducting a review of its business to identify further efficiencies.
“Our object is, and always has been, to operate an efficient studio that is uniquely positioned to capitalize on further growth opportunities,” the statement concluded.
While the studio had its share of disappointments at the summer box office with films like “The Smurfs 2” and “White House Down”, the Tom Hanks hit “Captain Philips” and “Cloudy With A Chance Of Meatballs 2” have buoyed Sony’s overall outlook for the year, the Times reported.