In Development

Sony Pictures’ new management team, headed by President John Calley, is leading the make-over of a studio that has long been beleaguered by management upheaval and operational dysfunction. Here’s what Calley & Co. have achieved so far, and where they still have to go to effect a successful turnaround.

IN PROGRESS

* Boosting morale and bringing much-needed stability to the studio.

* Intensifying a top-to-bottom assessment of studio-wide business operations to cut unnecessary costs, increase cash flow and produce profit growth.

* Revamping the movie development process with a more rational approach to buying scripts, pitches and book rights.

* Building a stronger international business.

* Developing “franchise” films, which reap huge profits beyond the theatrical box office, in home video, merchandise sales and other ancillary markets.

STILL NEEDED

* Gearing up the production of new movies to fill next year’s release schedule.

* Creating a program of profitable pictures while containing soaring production and marketing costs.

* Finding ways--either through acquiring, merging or building assets--to compete with entertainment giants such as Time Warner, Disney/ABC and Viacom/Paramount.

* Showing parent Sony Corp. some serious money.