Monday, July 1, 2013

'White House Down': Sony's Second Summer Flop Arrives Amid Call for Spin Off

"This is a negative for what is generally a well-run studio," says one analyst as shareholder Daniel Loeb pushes for a partial spin off of the firm's entertainment businesses.

Over the weekend, Sony Corp.'s film studio was dealt its second box-office disappointment of the summer in the form of action film White House Down as it continues to face a call from activist shareholder Daniel Loeb for a partial spin-off of its entertainment businesses.
The movie, starring Channing Tatum and Jamie Foxx, opened to a dismal $25.7 million domestically after costing at least $150 million to produce, excluding a $150 million-plus marketing spend.

Meanwhile, Will and Jaden Smith's sci-fi epic After Earth has all but ended its North American theatrical run after four weekends, topping out at only $58 million. Overseas, the Sony film, which was critically panned, has earned only $130.9 million, with its release in China still coming up.