As Sony looks to turn its fortunes around and end the current fiscal year with reduced losses, the company today said that it will sell all of its shares in Japanese social gaming giant DeNA.
Sony currently holds more than 17.7 million shares in the Japanese company -- a shareholding ratio of 13.14 percent -- and has now entered into a contract to sell every last one of them to global investment bank Nomura Securities.
The sale will see Sony gaining 40.9 billion yen ($437.1 million), which will be recorded as other income for the fourth quarter of the current fiscal year. The full selling price will be disclosed tomorrow.
The PlayStation company says that the sale will strengthen its corporate structure, as it looks to reorganize the assets that it currently holds, and build a more viable business portfolio.
So Sony sells shares in a profitable game company, (thus presumably losing dividends and growth in the long run?) to prop up it's unprofitable games and hardware division in the short term? And this is Sony turning it's fortunes around? That's a new definition of the term for me, sounds more like a last ditch desperate attempt to keep their heads above water for a bit longer.
