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Sign o' the times: Cash-strapped Sony sells its DeNA shares for $440 million

Sign o' the times: Cash-strapped Sony sells its DeNA shares for $440 million
As part of its wider restructuring, Sony has announced it's selling its 13.14 percent stake in DeNA.

The 17.7 million shares are being bought by Nomura Securities.

Sony expects to gain approximately ¥40.9 billion (around $440 million) on the sale. The transaction will be recorded as 'other income' in its current quarter, which ends 31 March 2013.

Full details of the price it realises will be announced after the Tokyo stock market closes on 5 March.

Dash for cash

The move is a part of a wider push on Sony's part to 'transform its business portfolio and reorganise its assets to strength its corporate structure' i.e. raise cash and pay back debt.

Sony recently sold one of its Toyko offices for $1.2 billion.

The company is trying to recover from years of loss-making as it rebalances around three core pillars - gaming, digital imaging and mobile.

The launch of PlayStation 4 later this year will be a make-or-break situation in terms of medium term success.

Of course, this will be an expensive process, both in terms of retailing and marketing. This windfall will come in useful, particularly as credit rating agency Fitch downgraded Sony's debt rating to junk status, making raising investment on the open market very expensive.

[source: Sony]
Contributing Editor

A Pocket Gamer co-founder, Jon is Contributing Editor at PG.biz which means he acts like a slightly confused uncle who's forgotten where he's left his glasses. As well as letters and cameras, he likes imaginary numbers and legumes.

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