Sony Drops Columbia
On this day in 1994 Sony writes off their ailing movie production studio Columbia. In 1989 Sony purchased Columbia to help them corner all sides of the movie entertainment market. Sony was primarily an electronic hardware company so in buying Columbia they hoped to have movie production under their belts as well. But after Columbia produced a series of flops in the early 1990's resulting in losses of $3.4 billion Sony decided to swallow the bitter pill and write off Columbia for $2.7 billion.