Sony’s Columbia Pictures Acquisition
In 1989, Sony spent $4.8 billion to acquire Columbia Pictures. Sadly, Columbia Pictures released a couple of movies that flopped at the box office and the losing streak continued. So, in 1994, Sony had lost $3.2 billion and realized that they would not be able to earn back the money they had invested. But years later, things started to look up as Columbia Pictures released some serious hits like “Men in Black 3,” and “The Amazing Spider-Man,” to name a few.