Monday, December 05, 2016
Search
  
Submit your own News for
inclusion in our Site.
Click here...
Breaking News
Amazon Go Eliminates Checkout Lines In Stores
Uber Creates AI Lab With Geometric Intelligence Acquisition
Google Launches New Personal Safety App
Micron Introduces The TLC-based 5100 Enterprise SSDs
Panasonic May Buy Headlight Manufacturer ZKW
KAIST Sues Samsung, Qualcomm And Globalfoundries Over FinFET Patent Infringement
Samsung Offers Second Gear S2 Update
Google DeepMind Makes AI Training Platform Available On GitHub
Active Discussions
Which of these DVD media are the best, most durable?
How to back up a PS2 DL game
Copy a protected DVD?
roxio issues with xp pro
Help make DVDInfoPro better with dvdinfomantis!!!
menu making
Optiarc AD-7260S review
cdrw trouble
 Home > News > General Computing > Sony To...
Last 7 Days News : SU MO TU WE TH FR SA All News

Friday, January 18, 2013
Sony To Its 550 Madison Avenue Building For $1.1 Billion


Sony said it has agreed to sell its U.S. headquarters building in New York City for $1.1 billion to a consortium led by real estate developer The Chetrit Group.

The sale price is $1.1 billion, and it is expected that the transaction will close in March 2013. SCA and other Sony businesses (including Sony Music Entertainment, Sony/ATV Music Publishing and Sony Pictures Entertainment, among others) will remain in the building for up to three years under a leaseback arrangement with the purchaser.

After repaying debt related to the building and other transaction costs, it is expected that Sony will receive net cash proceeds of approximately $770 million. Sony expects to realize a gain on the sale of approximately $685 million to be recorded as operating income.

Sony is currently reevaluating its forecast of the consolidated financial results for the current fiscal year ending March 31, 2013 to take into account this sale and other factors that might affect such forecast.

The move is part of Sony's initiatives to strengthen its financial foundation and business competitiveness and for future growth. At the same time, Sony is balancing cash inflows and outflows while working to improve its cash flow by carefully selecting investments, selling assets and strengthening control of working capital such as inventory.

Under new Chief Executive Kazuo Hirai, Sony is focusing on consumer electronics - particularly mobile phones, tablets and gaming - and shedding non-core assets, as it seeks to regain ground against rivals like Samsung and bounce back from four straight years of net losses.

The company has also put one of its main buildings in central Tokyo up for sale in a deal that could raise as much as 100 billion yen ($1.14 billion), Reuters had reported earlier.

Sony's CEO Kazuo Hirai believes that his company is headed in the right direction although its comeback is not yet complete.

Speaking at reporters in Tokyo, Hirai stressed he is making a point of personal involvement in product development to make sure good ideas don't get squelched.

Sony is taking a beating from Chinese, Taiwan and South Korean rivals that offer products at much cheaper prices. Hirai said Sony will target customers willing to pay more and won't get sucked into a price war.

Sony reports earnings next month for last year's final quarter. The numbers are expected to highlight a Sony midway through its recovery.


Previous
Next
Intel Sales And Profits Down In The Fourth Quarter        All News        Thermaltake Bigwater 760 Pro Released
Micron Amends Inotera Memories Joint Venture With Nanya     General Computing News      Bing Expands Social Search

Get RSS feed Easy Print E-Mail this Message

Related News
Sony and SKY Perfect JSAT Demonstrated Live Simultaneous 4K-HDR and HD-SDR Broadcast
Sony to Release First PlayStation games For Smartphones Next March
Sony Profit Decreased On Battery Unit Sale
Sony Announces a Loss Related to the Transfer of Its Battery Business To Muratta
Sony To Establish New Imaging Products And Solutions Company
Sony To Release Smartphone Games in 2018
New Sony Compact RX100 V And A6500 Flagship Cameras Released
New Sony Flagship 4K and HD Action Cams Support Image Stabilization
Sony Unveils Its New Products at IFA 2016
Sony Unveils 4K Movie Streaming Service For PCs
Games Outweigh Sagging Sensors For Sony
New Sony 4K Ultra HD TVs Released In The U.S.

Most Popular News
 
Home | News | All News | Reviews | Articles | Guides | Download | Expert Area | Forum | Site Info
Site best viewed at 1024x768+ - CDRINFO.COM 1998-2016 - All rights reserved -
Privacy policy - Contact Us .