Sony will sell its U.S. headquarters to investors led by the Chetrit Group for $1.1 billion, news that caused the firm’s stock to surge by 12 percent, the highest since 2008.
As Sony is in the process of streamlining its business, the firm has been making tough choices to see a profit, something that hasn’t happened in four years. The company says it’ll see its first gain since 2008 this year (Q4, ending March 2013), of 20 billion-yen ($223 million), following a record 457 billion-yen loss a year earlier.
“It makes sense for Sony, as it’s no longer a cash-rich company,” said Keita Wakabayashi, an analyst at Mito Securities Co. in Tokyo. “What matters is whether the company can use these proceeds to develop more attractive products.”
“The biggest goal for Sony this fiscal year isn’t growth, but to be in the black,” Hideki Yasuda, an analyst at Ace Securities Co. in Tokyo added.
Sony will launch its new console later this year.
Sony’s New York Headquarters
GOOD!!, that building was ugly as hell. it used to be AT&T’s building.
There still going to be working in the building for 4 years still I think. Good move should
There still going to be working in the building for 4 years still I think. Good move should done it ages ago assuming the price would of been the same.