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Sony says it will take US$1b writedown on movie business

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Sony Corp said it will take a 112 billion yen (S$1.395 billion) writedown in its movie business after reviewing the future profitability of operations.

[TOKYO] Sony Corp said it will take a 112 billion yen (S$1.395 billion) writedown in its movie business after reviewing the future profitability of operations.

The company said it would book the charge in the fiscal third quarter and is examining how the charge will affect its forecasts. The company also said it would sell shares in the medical web service M3 Inc to Goldman Sachs Group Inc's Japan unit to offset part of the loss.

The announcement comes two weeks after Sony said the chief executive officer of Sony Entertainment, Michael Lynton, is stepping down after a 13-year run. The studio has struggled recently, including with last year's Ghostbusters sequel and a movie based on the Angry Birds video game. Sony warned in June the division was at a risk of posting more losses.

Sony shares closed little changed in Tokyo and have gained 6.9 per cent in the last year.

BLOOMBERG

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