LOS ANGELES: Sony Pictures Entertainment will produce fewer films as it makes a "significant" shift from motion pictures to higher-margin television production and to operating TV channels, Sony Corp executives told investors gathered at the company's Culver City, California, studio lot.
The declaration came as Sony battles to win investor support after a letter from hedge fund investor Daniel Loeb in May called on Sony to spin off to investors a portion of its entertainment business and take steps to improve the studio's profitability.
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