Dow Jones Dive Doesn’t Concern Hollywood
LOS ANGELES (AP) _ The Dow Jones dive may call public interest to a 20th Century Fox film now in production: ″Wall Street,″ directed by Oscar-winner Oliver Stone.
Due out at Christmas, the film stars Charlie Sheen of Stone’s Academy Award-winning ″Platoon,″ in a drama about insider trading.
But a Lorimar-Telepictures spokesman said the company has no plans to alter the picture to mirror Monday’s panic.
″Our plans are based on factors that are longer range and more stable than daily fluctuations of the stock market,″ the unidentified spokesman told the Los Angeles Times.
Most entertainment leaders and financial analysts told the paper that revenues probably would be unaffected along with story lines.
″Historically, the entertainment business has been somewhat more immune than other industries to economic depression, and, as we have seen, may even benefit from developments like that,″ said Mara Balsbaugh, leisure-time analyst for Smith, Barney.
″We have strong and deep receivables commitments well into the ’90s, and our ratings have never been better,″ said Michael King of TV’s King World Syndication. The firm distributes the popular ″Jeopardy 3/8″ and ″Wheel of Fortune.″
″We’re in a good position to ride this out,″ he said.
Nevertheless, some entertainment industry analysts said stock declines could foreshadow a decline in movie and television production.
″If this leads us into the situation of a very bad economy, it would have an impact because there would be less advertising, which would create cutbacks,″ said Lee Isgur, first vice president of Paine Webber.
But Isgur added he sees no effect for now. ″Common sense tells you that,″ he said. ″What does the price of General Motors have to do with the production of ’Miami Vice?‴