On 27 September 1989, Sony acquired U.S. film studio Columbia Pictures. The major acquisition by Japanese capital also sparked a backlash in the United States.
On 27 September 1989, Sony acquired U.S. film studio Columbia Pictures. At the height of Japan’s bubble economy, Japanese companies’ overseas acquisitions attracted considerable attention.
Founded in 1920, Columbia Pictures had produced many classic films. The strength of Japan’s economy and the financial resources of Japanese companies drew attention during the acquisition, while the deal also prompted opposition in the United States.
Although Columbia Pictures struggled to produce hit films in the period immediately after the acquisition and went through periods of losses, Sony continued providing steady support, and the studio recovered in the 1990s. Columbia Pictures remains part of the Sony Group and continues to rank among the leading film companies in the United States.
The Nikkei Stock Average closed at ¥35,370.57 in 1989.