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After a summer of 2007 that saw their live-action Spider-Man 3 top the box office charts, and the animated Surf's Up wipe out in theatres, Sony Pictures Entertainment is considering selling off large chunks of its animation and digital effects divisions.
According to the New York Times (registration required), the film studio is looking to flog 50% of its animation division, and even more of its 15-year-old digital effects subsidiary, Sony Pictures Imageworks. Sony has hired investment bank Houlihan Lokey Howard & Zukin to assess the subsidiaries' monetary value of both divisions. An outright sale could net Sony around $500 million, which would more than recoup the $400 million the company has dropped into both divisions over the years.
Sony Pictures Animation: Batting 1 For 2 At the Box Office
Letting go of part of Sony Pictures Animation makes a certain amount of sense. Last year's Open Season was a modest hit in theatres, but this year's Surf's Up only made $58.8 million at the North American box office. Sony never admitted how much Surf's Up cost them to make, but Open Season put the studio back $85 million. It wouldn't be surprising if the former movie cost Sony a similar amount to make.
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