Sony aims to be a major financial sector IPO

Finance


TOKYO (Reuters) – Sony Group (6758.T), a conglomerate focused on entertainment, said on Thursday that it is considering splitting its financial business into a subsidiary within the next two to three years.

Sony said it is considering a listing of Sony Financial Group, which has businesses such as life insurance and banking, and is considering holding a little less than 20% stake.

As Sony strengthens its entertainment business centered on games, music and movies, as well as its image sensor business, the possibility of a spin-off emerges.

A partial spin-off would allow the newly-listed business to retain the Sony brand.

Sony’s financial division saw annual sales fall 5% to 1.45 trillion yen ($10.74 billion) in the year ending March, but operating profit rose 49% thanks to one-off gains from real estate sales. reported that it was 223.9 billion yen.

Sony says that HBO’s hit drama “The Last of Us” has helped popularize the game series it is based on and the music used in the show, and is working to foster synergies between its various business areas. .

Sony shares rose 6% in Tokyo morning trading.

(1 dollar = 135.0500 yen)

Report: Mariko Katsumura Editing: Jacqueline Wong

Our standards: Thomson Reuters Trust Principles.



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