Summary Film financier accuses Disney of self-dealing in new lawsuit - Los Angeles Times www.latimes.com
1,662 words - html page - View html page
One Line
Disney is facing a lawsuit from TSG Entertainment for deceptive accounting and breaching contracts by favoring its own interests.
Slides
Slide Presentation (7 slides)
Key Points
- TSG Entertainment, a film-financing firm, has accused Disney and its subsidiary 20th Century Studios of breach of contract and self-dealing in a lawsuit.
- TSG claims that Disney cut sweetheart deals to put TSG-backed movies on its own streaming services, while depriving the investor of substantial revenue.
- TSG says it has invested over $3.3 billion with the studios and financed more than 140 of 20th Century's films.
- An independent auditor hired by TSG found clear evidence of Hollywood Accounting, suggesting that 20th Century underpaid TSG by at least $40 million.
- The lawsuit also accuses 20th Century of self-dealing, including licensing films to its cable affiliate FX for less than they were worth.
Summaries
39 word summary
Disney is being sued by film financier TSG Entertainment for self-dealing and duplicitous accounting practices, allegedly manipulating financial statements to avoid paying royalties. TSG claims breach of contract and accuses Disney of cutting favorable deals for its own benefit.
124 word summary
Film financier accuses Disney of self-dealing in a new lawsuit, alleging duplicitous Hollywood accounting. The lawsuit claims that Disney has engaged in unfair practices and manipulated financial statements to minimize profits and avoid paying royalties to the plaintiff. The film financing firm accuses
Film-financing firm TSG Entertainment has filed a lawsuit against Disney and its subsidiary 20th Century Studios, accusing them of breach of contract and self-dealing. TSG claims that Disney cut favorable deals to put TSG-backed movies on its own
Disney is facing a lawsuit from a film financing firm, TSG, which accuses the company of using deceptive accounting practices to cheat partners out of their fair share of profits. TSG claims that Disney and 20th Century Fox employed various tactics to deny