Sony Pictures co-Chairman Amy Pascal renews contract through 2015
The studio has renewed the contract of co-Chairman Amy Pascal through 2015 on the heels of a strong year at the box office, with such hits as "The Social Network," "The Karate Kid" and "Grown Ups." Sony also had a smaller list of disappointments, among them the musical "Burlesque" and the low-budget comedy "The Virginity Hit."
While revenue in the latest quarter ended Sept. 30 was up 6%, at $1.7 billion, at Sony Pictures Entertainment, which includes television production along with movies, the studio reported an operating loss of $58 million, down slightly from $71 million the previous year.
Pascal has been part of Sony's top leadership since 1996, when she rejoined the studio as president of its primary film unit, Columbia Pictures, following an earlier six-year stint. She has helped to run the studio alongside Chairman Michael Lynton since he took the job in 2004. In 2006, Pascal was promoted from chairman of the motion picture group to co-chairman of Sony Pictures Entertainment. At that time, she signed a five-year contract that was set to expire next year.
Pascal recently oversaw a shake-up in the ranks of executives right below her, with Columbia co-President Matt Tolmach leaving to become a producer. Hannah Minghella, a former development executive who worked directly under Pascal, was named Columbia's president of production, reporting to the division's remaining president, Doug Belgrad.
This week Sony began production on its high-profile reboot of "Spider-Man," set for release in 2012, and is also shooting "Men in Black 3," which will also debut that year. The studio's big 2011 releases will include the superhero comedy "The Green Hornet," the science-fiction action film "Battle: Los Angeles" and the animation/live-action hybrid "The Smurfs."
-- Ben Fritz
Photo: Amy Pascal. Credit: Sony Pictures