Word: bros
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Dates: during 1980-1989
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There's no business like show business, even when it comes to off-screen commercial disputes. In a settlement that left Hollywood somewhat breathless last week, Warner Bros. and Sony Corp. ended their two-month battle over the services of Peter Guber and Jon Peters, the megahit producers of Batman and Rain Man. Warner agreed to release Guber, 47, and Peters, 44, from a five-year contract, thereby permitting Sony to hire the pair to run Columbia Pictures Entertainment, which the Japanese firm is acquiring for $3.4 billion. In return, Sony ceded entertainment assets to Warner Bros. that analysts estimated...
...suitably cinematic twist, the deal turned the feuding companies into close business partners. Under terms of the agreement, Sony agreed to sell Warner a 50% interest in Columbia House, the largest U.S. direct-mail club for records, tapes and videocassettes. Warner Bros., which is controlled by Time Warner, also received exclusive cable-TV distribution rights for all Columbia feature films, television movies and mini-series. Included were the 2,700 movies in Columbia's film library. In addition, Warner Bros. will become sole owner of the valuable Burbank Studios -- which the two companies now jointly hold -- by acquiring Columbia...
...dispute erupted in September, when Sony recruited Guber and Peters to head Columbia for $2.75 million in annual salaries plus profit-sharing bonuses. Sony also agreed to pay $200 million for Guber-Peters Entertainment, which the two men operate. Warner Bros. responded with a $1 billion suit against Sony for inducing Guber and Peters to break their Warner contract. Said Ed Atorino, who follows the entertainment industry for the Wall Street firm Salomon Bros.: "Sony didn't read the fine print. Warner made them...
DANIEL LANOIS: ACADIE (Opal/Warner Bros.). Record producers, even those as skillful as Lanois (U2, Dylan), usually come up with eccentric gewgaws when they perform on their own. But here is an exception: Lanois' music is minimal, mystical, folklike but decidedly unfolksy. No wonder he runs with the big boys...
...Warner Bros., which is controlled by Time Warner, is suing Sony, Guber and Peters in Los Angeles Superior Court for $1 billion, accusing them of breaching the contract. Warner has asked the court for a permanent injunction, on which the court is expected to rule this week, to prevent Guber and Peters from working for anyone else. Warner contends that Guber and Peters are responsible for more than 50 of the studio's current projects, including the film version of Tom Wolfe's Bonfire of the Vanities. Sony and the two producers are countersuing for $100 million, charging Warner with...