Word: hollywood
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Dates: during 1980-1989
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...Begelman was forced out in 1978 amid a financing scandal. Coca-Cola, which bought the studio in 1982 and still controls 49% of its stock, fired British producer David Puttnam (Chariots of Fire) in 1987 after barely a year at the helm, during which he accomplished little besides alienating Hollywood's establishment. Dawn Steel, the current film chief, has had mixed results during her brief tenure, and her future is uncertain. Coke plans to plow its $1.2 billion profit on the sale into the soft-drink business, giving up on the large screen and moving back behind the snack counter...
...Sony is only one of the foreign investors rushing to claim a stake in Hollywood. In the past year, Britain's Television South bought MTM Enterprises, Australia's Qintex Group reached an agreement to take over MGM/ UA, and Italian financier Giancarlo Parretti acquired control of Hollywood's struggling Cannon Group, an action-picture mill...
While outsiders often have trouble adapting to Hollywood's insular ways, Sony appeared decisive and savvy last week. Columbia CEO Victor Kaufman and chief operating officer Lewis Korman announced that they would be leaving once the deal was set. At the same time, Sony said it agreed to pay $200 million to buy Guber-Peters Productions. One of the hottest producer teams in Hollywood, Peter Guber, 47, a former Columbia production executive, and Jon Peters, 42, who got his start as a hairdresser to the stars, produced Rain Man for United Artists and Batman for Warner Bros...
BUSINESS: Sony buys a venerable Hollywood studio...
VIDEO: When TV news goes Hollywood...