After raising its full-year revenue forecast on the weaker yen, Sony Corp's board has engaged in deeper discussions with billionaire investor Daniel Loeb, said the company. The talks were about Loeb's proposition of spinning off the entertainment unit of Sony Corp.
According to Sony's CFO Masaru Kato during the company's earnings press conference today in Tokyo, the firm has gotten input from financial advisers after investors requested more information about its film making, TV shows and music division. Kato refused to give details about the timeframe for a decision on whether Sony's entertainment arm be put up for sale.
Sony gets almost 70% of its revenues from overseas sales. The current monetary policy issued in Japan has caused the increased value for Sony exports. The company increased its revenue forecast by 5.3% to USD80 billion for the fiscal year ending March 31. The calculation was arrived even while cutting expected TV, digital camera and personal computer shipments. US-traded Sony shares increased by 4.5% to USD22 at 12:26 pm in New York.
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