Sony to Sell New York Headquarters for $1.1B
January 18, 2013 8:39 AM
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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;
reports that Sony will remain in the building for up to three years.
Sony continues to face difficult times as it sells assets and
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.
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RE: Sony sucks
1/19/2013 8:09:16 PM
The viability of electronics manufacturers is such a precarious business. Watching the rise and fall of companies like this is almost surreal.
It's fascinating to me to watch these companies grow and grow in size and popularity to inevitably have their bubble burst.
A few years back I would have said for example that it was completely inconceivable (yes you can do that in the princess bride voice) that Microsoft could ever be supplanted as the giant they are. Yet now I could envision it, after watching companies like RIM and Sony stagnate and go downhill so drastically.
“Then they pop up and say ‘Hello, surprise! Give us your money or we will shut you down!' Screw them. Seriously, screw them. You can quote me on that.” -- Newegg Chief Legal Officer Lee Cheng referencing patent trolls
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