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Sony sells NYC HQ, but will stay in building for now

Sony has announced that it will be selling off its 37-story New York headquarters to a group of investors led by the Chetrit Group. The deal will see the building sold for $1.1 billion and Sony says that it will generate net cash proceeds of about $770 million after it pays debit associated with the building and other costs associated with deal.

Sony won't be moving out of the building, however; Bloomberg reports that Sony will remain in the building for up to three years.
Sony continues to face difficult times as it sells assets and slashes jobs as it battles its fourth straight year of losses. Things are looking up a bit for Sony as it is predicting $223 million (¥20 billion) in profit for the fiscal year ending March 31.

That isn't a lot of profit for Sony, but it's vastly improved from the ¥457 billion loss Sony posted in the previous fiscal year. Sony did note that it would be reevaluating its forecast for its fiscal year after the sale of the building.

The sale of Manhattan property saw Sony's stock price rise 12% to close at ¥1149 per share at the close of Tokyo trading. That marks the biggest gain for Sony stock since October 14, 2008. 

Source: Bloomberg

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RE: Sony sucks
By TimTebow on 1/18/2013 10:51:44 AM , Rating: 2
I haven't given up on Sony yet - while I agree they fumble the ball way too much I still think they have a shot at getting back on top - I think the
Psp is the best handheld gaming system out there, their Tv's, speakers, and laptops are just as good as anybodies albeit perhaps more expensive for what your getting and the new Xperia actually looks really nice. They just need to change things up and get back in front of the train wreck they are currently driving...I dont see them taking on Apple or Samsung anytime soon but seems to me like 3d place is wide open.

RE: Sony sucks
By Nortel on 1/18/2013 11:02:48 AM , Rating: 1
You could make an argument for TV's and maybe laptops but their speakers are hands down the worst in the industry, even Bose trash is better.

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