Sony Hires Bain & Co. To Cut $100M In Costs
Sony Corporation is expected to announced that they have hired Bain & Co to help them dust costs by almost $100 million. This will definitely result in layoffs. One of the major reasons why Sony likely hired Bain is because of pressures from activist investor Daniel Loeb.
“As part of a nearly four year process of increasing fiscal discipline, Sony Pictures is conducting a review of its business to identify further efficiencies,” stated Sony Pictures spokesman Charles Sipkins as quoted by BizJournals. “Our objective is, and always has been, to operate an efficient studio that is uniquely positioned to capitalize on future growth opportunities.”
Sony Entertainment CEO Michael Lynton will oversee the meetings. This is a follow-up to a promise that Sony CEO Kazuo Hirai made to Loeb after rejecting a proposal to create a new stock for the entertainment division and selling a minority stake to the public.