Sony share price down, releases “The Interview” despite threats

Sony Pictures Entertainments “The Interview” was made available for online viewing on platforms, including Google Play, Youtube, Microsofts Xbox video and a dedicated Sony website, and will be released in around 300 cinemas around the US on Christmas day.

Last week Sony pulled out the title after the biggest US cinema chains said that they will not be screening the movie amid hacker threats. However, the film was released on Wednesday on a number of online platforms and viewers were paying $5.99 to rent it and $14.99 to buy it.

The movie, which was released around 1 p.m., is starring Seth Rogen and is about a television host who gets an interview with Kim Jong Un and is later recruited by the CIA to assassinate the North Korean leader.

“It has always been Sony’s intention to have a national platform on which to release this film,” said Michael Lynton, chairman and chief executive of Sony Entertainment.

“It was essential for our studio to release this movie, especially given the assault upon our business and our employees by those who wanted to stop free speech. We chose the path of digital distribution first so as to reach as many people as possible on opening day, and we continue to seek other partners and platforms to further expand the release.”

“After discussing all the issues, Sony and Google agreed that we could not sit on the sidelines and allow a handful of people to determine the limits of free speech in another country” said the post signed by David Drummond, Google’s senior vice-president of corporate development and chief legal officer.

The title attracted a lot of attention from different parties, North Koreas UN ambassador sent a letter to the UN, complaining about the movie and saying it is an “undisguised sponsoring of terrorism” and it should be regarded as an “act of war.”

However, the White House released a statement on Wednesday saying that President Barack Obama “appreciates Sony’s work on this effort over the past few weeks”.

Last month Sony became a victim of a cyber attack, which resulted in the release of vast amounts of company data, including employees health records, compensation and other personal information. At the time a hacker group called the Guardians of Peace claimed responsibility for the attack, which left Sonys computer network offline for days.

US official have also linked the cyber assault to North Korea, as a possible counteraction to “The Interview” release. However, the country denied any involvement, but described the incident as a “righteous deed.”

Sony Corp gained 3.99% on Wednesday, but lost 0.45% on Thursday and closed at ¥2 557 in Tokyo, marking a one-year increase of 42.69%. The company is valued at ¥2.96 trillion. According to the Financial Times, the 17 analysts offering 12-month price targets for Sony Corp have a median target of ¥2 850, with a high estimate of ¥3 700 and a low estimate of ¥1 750. The median estimate represents a 11.46% increase from the last price of ¥2 557.