Michael Lynton Offered To Take Pay Cut; Sony Pictures Fiscal Year Profit Plunges

FRIDAY AM UPDATE: I’ve learned exclusively that SPE chairman Michael Lynton did offer to take a pay cut months ago as the recession deepened and layoffs were planned. But his boss Sir Howard Stringer turned him down.

THURSDAY PM: Just 3 months ago, Sony Pictures Entertainment chairman Michael Lynton announced he was reluctant to pay millions in upfront money to actors, directors and producers as DVD sales decline in this recession. (He wanted them to share the risk more…) So I gotta ask: now that Sony Pictures’ profit fell 49% for the fiscal year ended March 31st, and analysts say the studio may post another poor performance this year, is Lynton also reluctant to accept the millions in his own compensation package? Or have most of it tied to the studio’s performance? Meanwhile, at a Newhouse School breakfast panel held in NYC Thursday beforehand, Lynton said Sony Picture’s DVD sales have fallen 20% since September.

This article was printed from https://deadline.com/2009/05/sony-pics-fiscal-year-profit-plunges-49-9278/