Sony Electronics Inc. And Panavision Inc. Announce Strategic Relationship

Broad Cooperation Through Newly Formed Company To Rapidly Advance Digital Cinematography

31-Jul-00

Sony Electronics Inc. and Panavision Inc. announced the establishment of a strategic relationship to form a new company to supply Sony's state-of-the-art 24P CineAlta high definition video cameras with Panavision's advanced Primo Digital lenses for use in the motion pictures industry. ""Sony and Panavision have been collaborating for a long time on the development of 24P HD camera systems,"" said Edward Grebow, Deputy President of Sony Electronics and President of its Broadcast and Professional Company. ""This synergistic combination will enable us to vigorously elevate digital cinematography to a higher plane, benefiting the creative filmmaking community and the many companies that serve this industry."" ""Our combined technology resources will more rapidly advance the still embryonic implementation of digital cinematography, enhancing the linkage with the film community,"" Grebow added. ""Digital cinematography is now on a significant new mainstream development track within Sony's longer-term content creation agenda for the entertainment production industry,"" continued Grebow. Several luminaries in the industry are already utilizing the Sony 24P CineAlta camera with Panavision's Primo Digital lenses. Filmmaker George Lucas has announced plans to produce the next two installments of the current Star Wars trilogies and 24P shooting is already underway on Episode 2. John Farrand, President and Chief Executive Officer of Panavision, said, ""We see this collaboration as the expansion of the close relationship between Panavision and Sony. In addition to possessing the camera technology to produce a premiere digital camera for use with Panavision's world-class, leading-edge lenses, Sony has demonstrated a keen interest in working with us to grow into the future. The hallmark of both companies is their demonstrated ability to provide products that meet filmmakers unique needs."" In addition, as part of the relationship Sony purchased for an aggregate consideration of $10 million 714,300 shares of Panavision common stock (approximately eight percent of Panavision's common stock) and a warrant to acquire an additional 714,300 shares at an exercise price of $17.50 per share subject to adjustment. Sony Electronics' Broadcast and Professional Company (BPC) provides advanced products and systems for a variety of professional and broadcast markets, including production, corporate, industrial, government, security, medical and education. Sony designs products and applications that facilitate the transition to digital technologies and the emerging broadband network era. Sony products and services include those for broadcast acquisition, production, storage, data management, system integration, digital imaging, digital printing, large and small venue display and projection needs. Sony Electronics had record annual sales of about $12.2 billion in the fiscal year that ended on March 31, 2000. For more information, visit http://www.sony.com/professional. Panavision Inc. is a leading designer and manufacturer of high-precision camera systems, comprising cameras, lenses and accessories, for the motion picture and television industries. Panavision's systems are rented through its domestic and international owned and operated facilities and agent network. 

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