February 05, 2015

Sony's Pascal steps down as motion picture head

By Michael Tanenbaum
PhillyVoice Staff

After more than a decade in a lead role at Sony Pictures, Amy Pascal announced plans Thursday to step down as co-chairman effective in May. The company will underwrite a four-year production deal with Pascal, however, as it seeks to rebound from the major controversy surrounding a cyberattack that hit the company late last year.

Pascal found herself at the center of a series of leaks that revealed everything from private company emails to employee complaints and development plans, the Wall Street Journal reports:

Among the numerous Sony executives whose emails were leaked following the November cyberattack, Ms. Pascal was the most affected and the most upset, people close to the studio have said. The media pounced on emails that included racially tinged comments about President Barack Obama, for which she later apologized, as well as private negotiations over a biopic of Apple Inc. co-founder Steve Jobs.

Pascal was not asked to step down by Sony Chief Executive Michael Lynton, the Journal reported, citing sources familiar with the matter,

Pascal's contract was set to expire in the near future. Beyond the issues related to cyber-security, the company has lately struggled to produce the kind of blockbuster franchises that help bring big profits to studios.

While a replacement for Pascal has yet to be named, the production deal provides a rare opportunity for Pascal to use a multimillion-dollar annual budget from Sony to develop film, television and theater projects.

Read the full story here.