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Sony recoups $125m from Sharp LCD deal

By Matt Martin

Sony recoups $125m from Sharp LCD deal

Thu 24 May 2012 10:11am GMT / 6:11am EDT / 3:11am PDT

Companies terminate agreement, Sony sells shares to Sharp

Sony is to recoup its $125 million investment in Sharp's LCD panels by selling its 7.04 per cent share in the business back to the TV manufacturer.

The pair agreed to terminate the agreement due to "the rapidly changing market", with the deal expected to be completed by the end of June.

Sony's TV business, included alongside the PlayStation business in the Consumer Products and Services division, recorded an operating loss of 229.8 billion ($2.8bn) for the full year ended March 2012, compared to a profit of 10.8 billion in 2011. LCD TVs, consoles, PCs and digital cameras were all hit by poor sales.

For the last financial year Sony Corporation reported losses of 456.7 billion ($5.74 billion).

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Be interesting to see if this is the start of a trend - Sony selling bits of the company off to recoup some "spare cash"...

Posted:4 years ago


Terence Gage Freelance writer

1,289 126 0.1
Presumably it's more to do with de-investing in a market which has proved to be horrendously unprofitable for them of late.

Posted:4 years ago


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