Tracking the week’s ups and downs in the business of entertainment.
UP: Kevin Systrom
The Instagram CEO becomes an instant media mogul as Facebook pays $1 billion for his 13-employee photo-sharing startup. Wired pegs his stake at 40 percent; he’s worth about $400 million.
DOWN: Kaz Hirai
The new Sony CEO doubles the company’s projected annual loss to $6.4 billion, its worst ever, and will trim 10,000 jobs. (Big layoffs at the film and TV studios are not expected.)
UP: Madonna
The Queen of Pop notches her fifth No. 1 album with MDNA, moving 359,000 units in its debut week, up more than 50 percent from her most recent album bow. (Week 2, however, saw a huge drop.)
DOWN: Lee Aronsohn
The Two and a Half Men co-creator suffers the show’s worst ratings in five years just as renewal talks with CBS heat up.
SHOWBIZ STOCKS
UP: AOL (AOL)
$24.82 (+32.7%)
It sells $1.1 billion in patents to Microsoft, and Benchmark analyst Clayton Moran ups his target from $18 to $28 a share.
DOWN: Electronic Arts (EA)
$15.55 (-6.6%)
Analysts note insiders haven’t purchased any stock in the company in the past year while selling $7 million worth.
