Published: Sun, January 15, 2017
Industry | By Faith Ward

Sony Entertainment's CEO Michael Lynton to step down, focus on Snap responsibilities


Michael Lynton, the CEO of Sony Entertainment, Sony Pictures, and Sony America-the company has a rather complicated organizational structure-announced today that he will be stepping down from his positions to become chairman of Snap, the holding company behind Snapchat.

Lynton's tenure at Sony Entertainment began in 2004 when he was appointed chairman and chief executive of Sony Pictures Entertainment. In those emails it was revealed that Snapchat bought a set of smaller companies, but also indicated the deeper involvement Lynton (an early investor and board member) had with the company and some of the company's future prospects. Snap has been experiencing rapid growth in the past year, and along with the recent launch of Snapchat's Spectacle, the company is said to be making plans for an initial public offering in the near future.

The Los Angeles Times notes that the company CEO's exit is the latest corporate upheaval at the American entertainment firm.

The Limited closes stores nationwide
A month ago, the retailer said it was laying off 248 of its headquarters staff; in November, it said that it was exploring a sale. The Associated Press is reporting more grim news for national retailers.

McDonald's China Operations to Be Sold for $2 Billion
It had hired Morgan Stanley to assist in the sale of around 2,800 restaurants in China, Hong Kong, and South Korea. The acquisition consideration will be settled by cash and by new shares in the company issued to McDonald's .

Wareham hunkers down for winter's first storm
For Central Alabama, it will be mostly freezing rain this morning due to a warm nose of air aloft. In Kentucky, a man was killed when his pickup truck went off a snow-slicked road Thursday .

Hirai will take the title of chairman and co-CEO of Sony Entertainment during that time and will gain an office at the company's Culver City, Calif. offices. Following threats of violence, the studio to shelve its opening. Sony made the announcement Friday.

"I don't know exactly whether he understands the sequence of events that led up to the movie not being shown in the movie theaters", Lynton said. The movie was eventually released by Sony online.

However, the studio has seen its share of weak box-office returns and has undergone an executive shakeup in recent years. The media executive now serves as both chief executive of Sony Entertainment and Sony Pictures. CNBC reached out to Sony Pictures Entertainment and Snapchat for comment. "With the exception of their television unit, they just can't seem to get their footing".

Like this: