No wonder Sony Entertainment boss Michael Lynton is leaving.
Tokyo’s Sony Corp. is listening to bank pitches about a potential sale of its film and TV operations, several sources told The Post.
“Every bank is pushing pitches,” said one person familiar with the process. Another confirmed that banks have paid a flurry of visits to Tokyo to advise on a sale of Sony’s film and TV business.
The Post was first to report (Dec. 18) that the Japanese owners were ready to listen to bid proposals if they had the right number attached.
CBS CEO Leslie Moonves has long signaled interest in acquiring the asset, though several Chinese bidders could be in the wings.
Sony CEO Kaz Hirai has denied any intent to sell the firm during the five years he’s been in the top slot at the company. Still, he has not appointed a successor to Lynton, despite knowing of his intention to depart for some time. That has sparked speculation that there may be no position to fill.
Hirai isn’t interested in selling Sony Music, sources said. The company is in good shape and is a big cash cow for the firm.
The film unit, however, is struggling. Sony/Columbia ended 2016 in fifth place with a market share of 8 percent, behind Disney, Warner, Fox and Universal, according to Box Office Mojo.
A source said Sony hasn’t yet committed to a sale at this time, because the firm wants to see how Sony’s movies perform this summer.
“They want to see how the “Emoji Movie” movie does because they think they have a franchise and it might help them get a better price,” said a source, the film, which features a poop emoji, comes out on August 4.
Lynton said he was exiting to become chairman of Snap Inc., which owns Snapchat.
Sony reps in Japan couldn’t immediately be reached for comment.