Universal Studios Fire May Cost Tens Of Millions
June 4, 2008 at 5:52 AM (PT)
UNIVERSAL STUDIOS tried TUESDAY to put a good face on the accidental weekend fire that ripped through its back lot. But a comparison to a previous fire in 1990 suggests the blaze could inflict tens of millions of dollars in short-term damage on corporate parent GENERAL ELECTRIC CO.
The biggest casualty was the NEW YORK streetscape set, a favorite among filmmakers who pay tens of thousands of dollars a day to cast it in blockbusters such as "Spider-Man 2" and "Transformers," along with popular TV shows.
The fire also destroyed a portion of UNIVERSAL MUSIC GROUP's recordings, primarily big band and jazz recordings on the DECCA label and video copies of UNIVERSAL movies and television shows.
Music stored in the vault also had backup copies, said PETER LOFRUMENTO, a spokesman for UNIVERSAL MUSIC GROUP. It was unclear if the recordings were originals, he said.