Oscar-Winning Studios Get Stock Boost After Awards
by Timna Tanners
LOS ANGELES (Reuters) – Shares of studios that won Oscars
in Hollywood's celebrity-studded awards on Sunday gained ground
early in the week, as media stocks generally gave a strong performance.
The ceremony's biggest winner, the epic “Gladiator,” was
produced by DreamWorks Pictures and Universal Pictures, a unit
of Vivendi Universal . The French utility and media group
gained 3.5 percent to 66.55 euros in Paris.
Gladiator was honored for best picture and best actor for
Russell Crowe. Universal was also honored by Julia Roberts'
best actress win in “Erin Brockovich.”
Media stocks in general were stronger, along with the
overall financial markets, and financial analysts noted that
the Oscars were not likely the impetus for the stronger shares.
“I would say it's the general market being up more than any
Oscar effect,” said Prudential analyst Katherine Styponias.
“Film divisions are a pretty small component of the overall
picture.”
The parent company of USA films, USA Networks, also gained
ground after its movie, “Traffic,” racked up a best screenplay
award, best director for Steven Soderbergh and best supporting
actor for Benicio del Toro.
USA lost 3/8 to close at $22-1/8 on the Nasdaq, after
gaining ground in earlier trade.
Sony Corp. rose after its division Sony Pictures Classic's
“Crouching Tiger, Hidden Dragon” took home four Oscar wins.
Sony shares in Japan gained 3.2 percent to 9,290 yen and New
York shares rose $2.34 or 3.2 percent to $75.24.
Oscar wins can help ticket sales for movies still in
theaters, as well as sales of videos and DVDs, but generally do
not have a big impact on stocks.
“Typically when you have a concentration of the most
visible awards it accrues tens of millions in incremental
revenue … across the board, in home video or the box office
depending where the film is in its release cycle,” said Jeff
Logsdon, analyst with Gerard Klauer Mattison & Co.
Last week at the box office three of the films nominated
for best picture awards were among the top 10 grossing films,
despite having been released several months ago.
Walt Disney Co. shares rose 10 cents to $27.92 on the NYSE.
Its film division Miramax was responsible for “Chocolat,” which
was nominated for but did not win the best picture category.
Disney's ABC network broadcast the Oscars.
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LONDON (Reuters) – Britain's biggest toy retailer said
Monday it would refuse to sell a doll of the American rapper
Eminem because it did not fit with its family image.
Retail chain Woolworths said the doll, which features the
singer's trademark chainsaw, tattoos and the words “cut here”
scrawled on the neck, were due to arrive in Britain from the
United States this summer.
“We were offered the Eminem doll but decided not to stock
it,” Woolworths' spokeswoman Nicole Lander said.
“The visual impact didn't fit with our family environment
and having it around a Barbie doll, for example, didn't feel
right,” she said.
Britain's venerable and most famous toy retailer, Hamleys,
also said it would not stock the doll, which was expected to
sell for about $14.
Eminem, criticized for his hate-filled lyrics but championed for producing a definitive rap style,
performed a sell-out tour of Britain last month despite
protests from homosexual rights activists.
Woolworths said it would continue selling Eminem's Grammy
Award-winning albums because they were aimed at older shoppers
and were not visually controversial.
