Amy Pascal Extends Sony Deal 5 Years

Following string of box office hits, Sony re-ups its employment agreement with the studio chief

On the heels of box office hits such as "The Karate Kid" and "The Social Network," Sony Pictures has extended the contract of studio co-chairman Amy Pascal.

Pascal, a two-decade Sony veteran, will remain at the studio for five more years. She will continue heading Sony Pictures with co-chair Michael Lynton.

“There is no doubt Amy is making Culver City the epicenter of creativity, and a home away from home for Hollywood’s finest," said Sir Howard Stringer, Chairman, Chief Executive Officer and President of Sony Corporation.

Read also: Amy Pascal –The Movie Theater Is Our Soul; We Just Need Better Films

With her job security no longer in question, Pascal can turn her attention to some pressing challenges, such as rebooting the studio's "Spider-Man" series and making a play to turn the dark "Dragon Tattoo" novels into a film franchise.

In an interview with TheWrap earlier this year, Pascal was upbeat about the future of the movie industry in a time of anxiety.

"I’m not willing to concede that the sky is falling. I just don’t feel like it is. I feel like the box office always expands with people’s desire to see movies," Pascal said. "Good movies are working, and I think that we need to be buoyed by that."

Pascal was promoted to co-chairman of the studio in 2006. During her tenure, she has worked on such hits as "Spider-Man 3," "Casino Royale," and "Hancock," among others.

Last quarter, Sony Pictures reported a 6.1 percent increase in revenue (to $1.74 billion) on the strength of some of its theatrical releases, including “Salt” and “The Other Guys.”

So far this year, the studio has generated more than $2 billion in worldwide box office revenues. Last year, Sony hit a record with worldwide box office hitting $3.6 billion.

Pascal joined Columbia Pictures in 1988, leaving in 1994 for Turner Pictures, where she served as president of production. She rejoined Columbia Pictures in 1996 as president of the studio under John Calley.

Earlier in her career, Pascal was vice president of production at 20th Century Fox from 1986 to 1987.