Sony Selling All Their Square Enix Shares

While it is no secret that Sony as a company proper has been hurting financially for quite some time, we’re only just starting to see the widespread damage. Company CEO’s are leaving, key creative talent in the gaming department are leaving, sections of their company have been reduced and retail workers are being laid off. Now it appears as though Sony is also selling off their shares in Square Enix, according to Joystiq; all 9.52 million of them (8.2% of the company).

In a press release issued by Sony, it appears as though the company stands to profit 4.8 billion yen from the transaction, with the numbers going on the books for the fiscal 2015 year. Furthermore, the statement informs that the consolidated financial results for Sony’s fiscal year ending in March 31, 2014 will be scheduled for release on May 14th, allowing the public to get a better idea of just how well off Sony was as a company during the past year.

Seeing how Sony has had to dump money and resources into research and development, manufacturing and shipping upcoming and current hardware products, including the PS4 and their 4k-ready TV’s and other technological devices over the past year, it would not be surprising in the least of the company took a huge loss. Sony has been trying to cut into those losses by selling off assets (including buildings), but it may not be enough to hide just how much the company has struggled as of late.

As Sony downsizes their reach by trying to sell off their Vaio brand and branch off its TV section into a different company, there’s no writing on the wall for the electronics company just yet. There’s still a chance for them to hold a narrow focus and capitalize on what works for them, which has been their insurance branch. Additionally, the PS4 has been holding a strong grip on the market share for 8th-generation devices early on. Selling off their shares of Square Enix, however, does serve as a reminder that Sony is not doing well at all right now.

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Tags: Finances Sony Square Enix Video Games

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