Sony eyes finance unit listing, doubles down on entertainment

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TOKYO - Sony Group Corp on Thursday (May 18) said it is examining a partial spin-off of its financial business just three years after taking full control, as the conglomerate doubles down on entertainment and image sensors. Sony said it is considering a time frame of two to three years to spin off Sony Financial Group - whose operations include...

The Sony logo is displayed outside the company's headquarters in Tokyo, Japan on Feb 16.TOKYO - Sony Group Corp on Thursday said it is examining a partial spin-off of its financial business just three years after taking full control, as the conglomerate doubles down on entertainment and image sensors.

Given the capital the business requires, "it is a challenge to balance this with our investment in other growth areas such as entertainment and image sensors," Sony Chief Financial Officer Hiroki Totoki told a strategy briefing. A partial spin-off of Sony Financial, which the group said was made possible by changes in tax rules, would allow the newly listed business to retain Sony branding.

The finance business reported a five per cent fall in revenue to 1.45 trillion yen in the year ended March. Operating profit rose 49 per cent to 223.9 billion yen helped by a one-off gain from a real estate sale.

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Sony eyes finance unit listing, doubles down on entertainmentTOKYO :Sony Group Corp on Thursday said it is examining a partial spin off of its financial business just three years after taking full control, as the conglomerate doubles down on entertainment and image sensors.Sony said it is considering a time frame of two to three years to spin off Sony Financial Group -
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