Sony to Trim PC, TV Businesses Amid Restructuring
Sony today announced plans to restructure its business and divest some of its poorly performing units. Sony plans to sell its PC division to a group of Japanese investors, which will form a separate company and take over operations. Sony will retain a 5% stake in the new business. Sony will also split off its TV business into a separate company. Last, Sony plans to cut about 5,000 jobs, including some from the PC and TV businesses. The TV spin-off should be complete by July, but the job reductions won't be finalized until March 2015. Sony believes these moves will help shore up its PlayStation, content, imaging, and mobile device businesses, and save the company about $988 million per year.