Sony Pictures Entertainment, Inc. is the television and film production/distribution unit of Japanese multinational technology and media conglomerate Sony. Its group sales in 2010 has been reported to be of $7.2 billion. Sony Pictures Entertainment is a member of the Motion Picture Association of America . On September 28, 1989, Sony Corporation obtained an option to purchase all of The Coca-Cola Company's stake in Columbia Pictures Entertainment, Inc. for $27 per share. The next day, Sony also announced that it reached an agreement with Guber-Peters Entertainment Company, Inc. to acquire... the company for $200 million when Sony hired Peter Guber and Jon Peters to head CPE. It was all led by Norio Ohga, who was the president and CEO of Sony during that time. On October 31, 1989, Sony completed a friendly takeover bid for the rest of shares of CPE, which was a public company listed on the New York Stock Exchange , and acquired 99.3% of the common stocks of the company.
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