Sony has been looking to to streamline its business as it tries to turn a profit. As part of the streamlining Sony is going to sell all of its shares in the Japanese social games giant DeNA. Sony expects to sell its 17.7 million shares to Nomura Holdings Inc. for 40.8 billion yen ($437 million).
"Sony has identified certain assets for possible sale as part of an initiative to transform its business portfolio and reorganize its assets," read the statement. "This sale was conducted as a part of that initiative. While this sale was anticipated and the potential gain on the sale was taken into account at the time of the forecast, Sony is currently reevaluating the aggregate impact of this sale and other factors on the forecast."
"Sony is transforming its business portfolio and reorganizing its assets in an effort to strengthen its corporate structure," the statement added. "This sale is made as a part of that initiative."
Sony last week sold off its Sony City Osaki office in Tokyo for $1.2 billion, with net cash of $1.1 billion. Sony also sold off its US headquarters in New York City for $1.1 billion. After debts were paid Sony was left with $770 million.