Sony to sell off $400 million in DeNA stocks

Sony to sell off $400 million in DeNA stocks
Seth Tipps

By Seth Tipps

March 5th 2013 at 8:02AM

Console giant continues reorganisation of company assets

Sony says it plans to sell all stock it owns in online and mobile game company DeNA.

The sale is expected to raise $437 million for the PlayStation manufacturer.

This should be quite a boon to the company, which will be wrapping up its fourth quarter this month and will add the proceeds to its operating income for the period.

Reuters reports the shares are to be picked up by Nomura securities.

The electronics giant has been busy reorganising its business during the last year as the firm looks to increase its profitability.

The news follows shortly after Sony announced its decision to sell its US headquarters for $1 billion to a group of investors led by the Chetrit Group.

That sale is expected to generate around $770 million in cash proceeds after debts related to the building and transaction costs.