Cybersecurity
Sony to Take $1 Billion Writedown on Movie Business
- Japanese company to sell part of stake in medical site M3
- CEO of Sony Entertainment announced departure two weeks ago
Sony Takes $1 Billion Writedown in Movie Business
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Sony Corp. said it will take a 112 billion yen ($1 billion) writedown in its movie business after reviewing the future profitability of its operations.
The company said it would book the charge in the fiscal third quarter and is examining how that will affect its forecasts. To offset part of the loss, the company also said it would sell shares in the medical web service M3 Inc. to Goldman Sachs Group Inc.’s Japan unit, in a deal worth about 37 billion yen.