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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.

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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

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