Needs more cash to 'strengthen corporate structure'.
Sony is selling its entire stake in social-game website operator DeNA for $437 million, as part of an effort to transform its business portfolio and reorganize assets.
Sony has announced that it will sell its entire stake in social-game website operator DeNA.
By selling its 17.7 million shares in the company, Sony will book a gain of ¥40.9 billion ($437 million). This sale was part of Sony's effort to transform its business portfolio and reorganize assets in a move to "strengthen its corporate structure."
As part of the same effort, Sony last week sold a Tokyo office for $1.2 billion and in January sold its New York City headquarters for $1.1 billion.Reuters reports the company is selling the shares to Nomura Securities. The income from the sale will be posted in Sony's fourth quarter financials.
This all ties into Sony's announcement in February that it would end its fiscal year in March with an operating profit, which was quite the surprise given the state of the company.
NEWS SOURCE #1: Sony to book 437 million from DeNA sale (via) GameSpot
NEWS SOURCE #2: Sony sells DeNA shares (via) JoyStiq
Our thanks to 'Gauss' for this news item!