Spotlight: Sony Corp.
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While the rest of Sony Corp.’s divisions maintained status quo, its entertainment unit reported a 7% increase for fiscal 1993. Michael P. Schulhof, new president and chief executive of Sony’s U.S. operations, announced that it would combine its worldwide entertainment and U.S. electronics divisions. Despite Columbia Pictures’ highly promoted “Last Action Hero” opening to largely negative reviews last weekend, disappointing box office results are not expected to substantially affect Sony’s bottom line.
Major Properties
* Music: Columbia House Co.; Sony Music Entertainment Inc.
* Film, TV: Sony Pictures Entertainment Inc. which includes TriStar Pictures, Columbia Pictures, Sony Classics, Merv Griffin Enterprises
Financial Data
* Market cap.: $14.3 billion
* Cash: $4.8 billion
* Long-term debt: $7.6 billion
* 1993 revenue: $34.4 billion
* 1993 profit: $313 million
* Earnings per share: $0.79
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