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Sony sells off M3 shares as part of reorganisation

Will boost Q4 operating profit by $1.23 billion

Sony Corporation is expected to raise ¥115 billion ($1.23 bn / £798m) in operating profit for the fourth quarter from the sale of shares of its subsidiary medical services business M3.

The company announced today it is selling 6 per cent of M3, or 95,000 shares, but will remain the major shareholder in the business.

Sony's financial results for the third quarter showed a 7 per cent sales increase and a reduction in losses to ¥10.8 billion ($115.1m / £73.5m).

The company said in early February it was in the process of selling certain assets in a bid to reorganise the business.

Today Sony will reveal first details of the new PlayStation home console and services at an event in New York. GamesIndustry International will be reporting live and streaming the event here.

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Matt Martin

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Matt Martin joined GamesIndustry in 2006 and was made editor of the site in 2008. With over ten years experience in journalism, he has written for multiple trade, consumer, contract and business-to-business publications in the games, retail and technology sectors.

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