New Panel to Review Spending at Sony’s Studio Unit

In an internal memo, Sony Corp. of America Chairman Howard Stringer told employees of the company’s Culver City-based entertainment unit that a new operating committee had been formed to help manage the division’s financial activities.

The move followed Stringer’s promotion two weeks ago to a position as corporate vice chairman, head of all Sony operations in the Americas region and head of the newly organized entertainment group.

According to the memo, which was circulated Thursday, the new committee includes Stringer; Sony Pictures Entertainment Chairman John Calley; SPE Vice Chairmen Jeff Blake, Amy Pascal and Yair Landau; Sony Corp. of America Chief Financial Officer Rob Wiesenthal; and Joe Roth, whose Revolution Studios has significant ties to Sony through its movie pact.

The Sony Pictures Entertainment committee has held meetings since April 1, the beginning of Sony’s fiscal year.

Stringer, known for his wry humor, said in the memo: “We’re not exactly ‘The Seven Samurai,’ but then again you will remember what happened to them.”

While acknowledging Sony’s strong record last year, Stringer cautioned that “the realities of the difficult economic environment demand that we conduct a disciplined review of how we operate each of our core businesses.”

Sony’s films took in a record $1 billion-plus at the box office last year, thanks to a string of blockbusters led by “Spider-Man.”

“At Sony Pictures, we will be conducting this review from a position of strength, not crisis,” Stringer said in the memo.

The new committee meets once a week to make sure that the spending by SPE’s businesses -- which also include domestic and international television production and distribution, Sony Pictures Digital and production operations on the Culver City lot -- remains consistent with the company’s overall strategic direction, the memo said.