Sony Bleeds More Red Ink
In a case of "can't win for losing," Sony Films reported a 6-percent increase in sales in its second quarter, thanks in large part to its hit film Men in Black 3 , but all of that was offset by marketing costs for other films, including The Amazing Spider-Man , which was released in the current quarter. Overall, the parent company reported that its losses worsened in the quarter due to restructuring costs, falling sales of its home-entertainment products, and the stronger yen. The struggling consumer electronics and entertainment giant posted a net loss of $314 million for the quarter versus a loss of $198 million in the year-ago quarter. Revenue, however, rose 1.4 percent. The figures far exceeded analysts' predictions. Meanwhile, Sony and Redbox said that they have extended their agreement making Sony one of just two major Hollywood studios allowing the kiosk company to rent its movies on the same day they go on sale. (The other major studio is Paramount.) All of the other studios require a 28-day wait time, which Redbox overcomes in some cases by buying DVDs at discount retailers.