Tuesday, October 21, 2014
Search
  
Submit your own News for
inclusion in our Site.
Click here...
Breaking News
China Denies Apple's iCloud Hack Allegations
Samsung Galaxy KNOX Devices Approved for U.S. Government Classified Use
iPhone 6 Demand Help ARM's Growth
SK Hynix Develops High Density 16GB NVDIMM
Samsung Mass Produces 8-Gigabit DDR4 Based on 20 Nanometer Process Technology
Strong iPhone, Mac And App Store Sales Drive Apple's Record September Quarter Revenue And Earnings
Apple iOS 8.1 Available For Download
E FUN To Relase $179 Windows tablet
Active Discussions
Copied dvd's say blank in computer only
How to generate lots of different CDs quickly
Yamaha CRW-F1UX
help questions structure DVDR
Made video, won't play back easily
Questions durability monitor LCD
Questions fungus CD/DVD Media, Some expert engineer in optical media can help me?
CD, DVD and Blu-ray burning for Android in development
 Home > News > General Computing > Sony To...
Last 7 Days News : SU MO TU WE TH FR SA All News

Friday, January 18, 2013
Sony To Its 550 Madison Avenue Building For $1.1 Billion


Sony said it has agreed to sell its U.S. headquarters building in New York City for $1.1 billion to a consortium led by real estate developer The Chetrit Group.

The sale price is $1.1 billion, and it is expected that the transaction will close in March 2013. SCA and other Sony businesses (including Sony Music Entertainment, Sony/ATV Music Publishing and Sony Pictures Entertainment, among others) will remain in the building for up to three years under a leaseback arrangement with the purchaser.

After repaying debt related to the building and other transaction costs, it is expected that Sony will receive net cash proceeds of approximately $770 million. Sony expects to realize a gain on the sale of approximately $685 million to be recorded as operating income.

Sony is currently reevaluating its forecast of the consolidated financial results for the current fiscal year ending March 31, 2013 to take into account this sale and other factors that might affect such forecast.

The move is part of Sony's initiatives to strengthen its financial foundation and business competitiveness and for future growth. At the same time, Sony is balancing cash inflows and outflows while working to improve its cash flow by carefully selecting investments, selling assets and strengthening control of working capital such as inventory.

Under new Chief Executive Kazuo Hirai, Sony is focusing on consumer electronics - particularly mobile phones, tablets and gaming - and shedding non-core assets, as it seeks to regain ground against rivals like Samsung and bounce back from four straight years of net losses.

The company has also put one of its main buildings in central Tokyo up for sale in a deal that could raise as much as 100 billion yen ($1.14 billion), Reuters had reported earlier.

Sony's CEO Kazuo Hirai believes that his company is headed in the right direction although its comeback is not yet complete.

Speaking at reporters in Tokyo, Hirai stressed he is making a point of personal involvement in product development to make sure good ideas don't get squelched.

Sony is taking a beating from Chinese, Taiwan and South Korean rivals that offer products at much cheaper prices. Hirai said Sony will target customers willing to pay more and won't get sucked into a price war.

Sony reports earnings next month for last year's final quarter. The numbers are expected to highlight a Sony midway through its recovery.


Previous
Next
Intel Sales And Profits Down In The Fourth Quarter        All News        Thermaltake Bigwater 760 Pro Released
Micron Amends Inotera Memories Joint Venture With Nanya     General Computing News      Bing Expands Social Search

Get RSS feed Easy Print E-Mail this Message

Related News
Sony To Release Android Lollipop To Its Entire Xperia Xperia Z Series
New Sony Headphones, Portable Headphone DAC/Amplifier and Headphone Cables Support Hi-Resolution Audio
Sony Xperia Z3 Coming To The US
PlayStation TV Coming October 14th
Sony Develops SmartEyeglass, Launches SDK
Sony To Offer Unity For PlayStation To PlayStation Licensed Developers
Sony Slashes Guidance Due To Poor Smartphone Sales
Sony Smart EyeGlass Prototype Appears At IFA
New Sony Camera Shoots In The Dark
Sony Unveils New Xperia Z3, Z3 Compact And More at IFA
Sony PSN Back Online
Sony Offers New Smart Tennis Sensor

Most Popular News
 
Home | News | All News | Reviews | Articles | Guides | Download | Expert Area | Forum | Site Info
Site best viewed at 1024x768+ - CDRINFO.COM 1998-2014 - All rights reserved -
Privacy policy - Contact Us .