Yesterday, Sony announced it was selling off all of its 9.2 million shares in Square Enix. Sony is expected to make about $47 million from selling those shares for this current fiscal quarter. Currently Sony is the third largest shareholder of Square-Enix with about 8.25 percent.
Sony is selling it’s shares to SMBC Nikko Securities Inc, a leading Japanese financial securities company. The sale price for the shares has not be disclosed yet, but the approximate gain divided by the total shares gives you a price of about $5. Sony will elaborate on why they chose to sell all their Square Enix shares when they announce their year-end financial results in May.
While the PS4 sales are doing better that expected, Sony’s current crop of financial woes have forced the company to enact some tough changes and decisions. This includes the sale of its Tokyo offices, several thousands of employees being laid off, the move to sell it’s PC brand The Vaio and restructure it’s TV department, all of which will result in another 5,000 lay offs.
Sony definitely has some money troubles right now and the Square Enix sale seems to be a demonstration that they are trying to get back into the black again, but do you think they will be successful? Leave your thoughts in the comments below.
Sources: Joystiq, Forbes