Report: Sony exploring sale of entertainment division
- Posted May 31st, 2013 at 05:05 EDT by Michael Harradence
Sony is reportedly working with Morgan Stanley and Citigroup in regards to the possibility of breaking off and flogging assets within its entertainment division.
Bloomberg claims that Sony chief Kazuo Hirai is getting the push from Daniel Loeb, CEO of Third Point LLC, to sell up to 20 per cent of the company’s entertainment division.
Should the sale go through, Sony would then be able to shift primary focus to its electronics business. After all, the electronics division has suffered a bit of a blow lately, with its TV and mobile/tablet businesses taking a battering from competing giants Samsung and Apple, respectively.
Sony is gearing up for the release of PlayStation 4 in holiday 2013, where it will be going head-to-head with Xbox One from Microsoft.