US: Sony hires pro to lead mergers & acquisitions

Sony Pictures Entertainment has brought on Erik Moreno to serve as Executive Vice President, Corporate Development and Mergers & Acquisitions. Moreno, who joins the company after his tenure as M&A executive at mass media corporation Time, will start August 8, reporting to Chairman and CEO Tony Vinciquerra and to CFO Philip Rowley.

Moreno joins Sony at a time of tectonic shifts in the movie and television businesses. Time Warner has been purchased by AT&T and renamed WarnerMedia; Disney is putting the finishing touches on its deal for much of Fox studio; and Comcast and Fox are locked in a battle for control of BSkyB, reported Variety.

Despite the change at the top, Sony’s leadership has maintained that the studio is not for sale, even as it has acknowledged that it needs to rethink its strategy in order to compete with the Disneys and Warner Medias of the world.

Full Content: Variety

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