Word: columbia
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Dates: during 1980-1989
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Despite being upset in a close 57-56 meet at Columbia over the weekend, the Crimson (2-1) rebounded and dominated every stroke this time around. The lopsided victory was more of a competition between Harvard swimmers than a meet against the Bruins...
...dispute erupted in September, when Sony recruited Guber and Peters to head Columbia for $2.75 million in annual salaries plus profit-sharing bonuses. Sony also agreed to pay $200 million for Guber-Peters Entertainment, which the two men operate. Warner Bros. responded with a $1 billion suit against Sony for inducing Guber and Peters to break their Warner contract. Said Ed Atorino, who follows the entertainment industry for the Wall Street firm Salomon Bros.: "Sony didn't read the fine print. Warner made them...
Nonetheless, the deal will bring Hollywood's two hottest producers to Columbia Pictures. That should help stabilize a struggling studio that has gone through three top management teams since 1978 and had been at a standstill while awaiting the outcome of the Sony-Warner battle. But after paying a spectacular price for admission to the U.S. movie business, Sony will expect its two hitmakers to deliver some true Hollywood miracles...
...during a time of "yellow peril" panic over Japanese immigration to the U.S. But they are not much different from the alarmed press comments that are now greeting Japan's continuing economic ventures. When the Sony Corp. announced in September that it would buy Columbia Pictures Entertainment, for example, Newsweek called the deal "the biggest advance so far in a Japanese invasion of Hollywood." An entertainment-industry executive quoted by the Washington Post thought the acquisition might be "bad for America," as did an economist who saw "a potential for propaganda...
Peter G. Peterson, an American involved in the Sony-Columbia deal, wondered why Sony's acquisition was so controversial, while an Australian firm's attempted takeover of MGM/UA "was mainly treated by the media as a minor business news item." Part of the answer, he suggested in the Wall Street Journal, is a "media pandering to American xenophobia and latent racism." Sony chairman Akio Morita, noting the U.S. Government's World War II internment of Japanese Americans, surmised that Americans still see the Japanese as "strangers...