Friday, August 28, 2015
Search
  
Submit your own News for
inclusion in our Site.
Click here...
Breaking News
IFA 2015: What We Know So Far
Acer Liquid Z410 And Liquid Jade Z Phones Released
Huawei Honor Phones Coming To Europe
AMD Radeon R9 370X Graphics Card Launched In Asia
Nokia Agrees on 'Shanghai Bell' Joint Venture with China Huaxin
Apple Debuts at the Number Two Spot In Wearables Market, Behind Fibit
Microsoft's Lumia 950 and 950 XL Windows 10 Smartphones Leaked Online
Facebook Says It Has One Billion Users Per Day
Active Discussions
How to back up a PS2 DL game
Copy a protected DVD?
roxio issues with xp pro
How to burn a backup copy of The Frozen Throne
Help make DVDInfoPro better with dvdinfomantis!!!
Copied dvd's say blank in computer only
menu making
Optiarc AD-7260S review
 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 Launches Remote-speaker Hybrid
Sony to Offer Drone Services
Sony introduces next generation SmartBand 2
Sony's Midrange Xperia C5 Ultra and M5 Smartphones Come With Strong Cameras
Sony Profit Rises Following Demand For Mobile Cameras
Android Lollipop Rolls For the Xperia Z3 and Xperia Z2 Series
Sony Mobile and ZMP to Develop Enterprise Solutions that Utilize Autonomous Unmanned Aerial Vehicles
Sony's New Wireless Speakers Available In The U.S.
Sony Launches Crowdfunding Platform For Its Products
Android M Developer Preview Available for Xperia Devices
First Sony X900C and X910C Ultra-thin 4K Ultra HD TVs Launching
Sony Has Three New Cameras For You

Most Popular News
 
Home | News | All News | Reviews | Articles | Guides | Download | Expert Area | Forum | Site Info
Site best viewed at 1024x768+ - CDRINFO.COM 1998-2015 - All rights reserved -
Privacy policy - Contact Us .