Sony bought Columbia Pictures from Coca-Cola in 1989.
Coca-Cola had entered the film business by acquiring Columbia Pictures Industries in 1982. The studio was later reorganized as part of Columbia Pictures Entertainment, but the arrangement did not deliver the consistent financial results Coca-Cola wanted. In September 1989, Sony agreed to buy the Columbia Pictures empire for about $3.4 billion.
The purchase made Sony a major force in Hollywood and began what is commonly called the Sony era of Columbia Pictures. Sony completed the Columbia Pictures Entertainment acquisition in November 1989. It also acquired Guber-Peters Entertainment, bringing producers Peter Guber and Jon Peters into the new operation.
A common mix-up is Warner Bros., because Guber and Peters had recently signed a contract with Warner Bros. Sony’s buyer status is separate from that dispute. Columbia’s famous Torch Lady logo continued, eventually appearing under Sony Pictures Entertainment branding.