Profit at Sony Pictures Drops in Q3

Operating income at Sony Pictures dropped from $102 million to $51 million in the third quarter on revenues that slipped by 12 percent to $2.2 billion.

The company cited lower motion picture revenues, referencing the Q3 2018 theatrical performance of Venom reduced lower television and home entertainment licensing revenues and weaker revenues at its media networks portfolio. The company did, however, record improved TV production revenues thanks to season three of The Crown and higher licensing revenues for U.S. television catalog product.

Overall motion picture revenues fell to $930 million, including $354 million from theatrical distribution, $255 million from home entertainment and $270 million from TV distribution. TV production revenues were up to $669 million, while media networks revenues for the period were $568 million. The company says its media networks division remains under review. Most recently, it clinched a deal to sell the Southeast Asian and Korean business to Andy Kaplan and George Chien’s KC Global Media. Last year, Sony closed Sony Channel Asia, shut down Crackle across Latin America and shuttered Film1 in Europe and True Crime in the U.K.

Overall revenues at parent company Sony Corporation rose by 3 percent to 2.5 trillion yen ($22.8 billion), with net profit down 36 percent to 229.5 billion yen ($2.1 billion).