Wed, Feb 20, 2013 | 10:15 GMT
Sony sells off M3 shares as part of restructuring effort
Sony has sold shares from its medical services subsidiary M3, which is expected to boost the company’s Q4 profits by $1.23 billion.
The sale comes following Sony’s financial report earlier this month, which stated that Sony would be selling off assets to recoup some of its losses, and to restructure its business.
GI.biz reports that the sale is expected to net the Sony Corporation ¥115 billion ($1.23 bn / £798m) after selling 6% of M3, accounting for 95,000 shares. However, Sony will remain the majority shareholder in the business.
We saw similar movement on the gaming side last year, as Sony sold $1.9 billion worth of convertible bonds to purchase Dave Perry’s cloud streaming service Gaikai.
The service is rumoured to be available within PS4 from launch and will power the streaming of PS3 games, which could signal the end of Sony’s backwards compatibility.
What’s your take on Gaikai in PS4?