CNN/Money 
News > International
graphic
Sony to slash U.S. jobs
Report says Sony Pictures, Sony Music will cut 1,700 jobs as part of parent's global downsizing.
November 5, 2003: 9:21 AM EST

NEW YORK (CNN/Money) - Sony's U.S. entertainment units will see some of the job cuts announced last week by its consumer electronics parent, according to a report published Wednesday.

Trade publication Daily Variety reported that Sony Pictures Entertainment and Sony Music will cut about 1,700 jobs, with most of the cuts likely to come at the movie studio rather than the music unit, which saw 1,000 job cuts in March.

YOUR E-MAIL ALERTS
Follow the news that matters to you. Create your own alert to be notified on topics you're interested in.

Or, visit Popular Alerts for suggestions.

Overall, Sony announced last week that it was cutting 20,000 jobs worldwide, about 13 percent of its global staff.

The music business has been a victim of an industrywide slump in sales, driven at least partly by consumers downloading music rather than buying CDs. The paper quotes Howard Stringer, Sony Corp. vice chairman who runs the U.S. show business assets, as saying that financial results for music will improve year-on-year and that he's mildly optimistic at trends in the battered sector.

Sony Pictures will see decreased revenue and profits this year compared to 2002, when it had the hit movie "Spider-Man," the top-grossing picture of 2002 with U.S. box office of $402.7 million. This year Sony has released a number of disappointing movies, including a "Charlie's Angels" sequel considered a disappointment with $100 million in U.S. box office, and "Gigli," considered a box-office bomb of historic proportions, with only $5.7 million in box office.  Top of page




  More on NEWS
Last-minute Christmas shopping guide
Springfield, MO, is the capital of cheap gas
A defiant Sony scrambles to find a way out for 'The Interview'
  TODAY'S TOP STORIES
Republicans to theaters: Don't be 'bullied'
Defiant Sony scrambles to find a way out
Sony exec: Studio did not 'cave' to hackers




graphic graphic

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.