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The
impairment charge came as Sony cut its outlook for profits from
DVD, blu-ray discs and other home entertainment operations in
line with a broader market decline, the company said in
statement on Monday.
Sony has been working to revive its movie business. In November,
the Japanese conglomerate's chief financial officer, Kenichiro
Yoshida, said a turnaround was "progressing, but it takes time
for the benefit to be realized".
Earlier this month, the Japanese conglomerate said Michael
Lynton, the chief executive of its movie and television unit
Sony Entertainment, will step down in February.
In its latest statement, Sony also said it would cut its stake
in M3 Inc <2413.T>, operator of membership-based medical-related
online services, to 34 percent from 39.3 percent in a bid to
strengthen its financial standing.
It expects to record a gain within operating income of about 37
billion yen from the sale during the fourth quarter of the
fiscal year ending March 31, Sony added.
Sony said the impact of the impairment charge and stake sale on
the group's earnings outlook for the current fiscal year is
being evaluated and will be disclosed when it releases its
third-quarter results on Feb. 2. (This version of the story was
refiled to correct spelling of blu-ray discs in second
paragraph)
(Reporting by Makiko Yamazaki; Editing by Himani Sarkar)
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