Sony to sell another asset

Sony to sell another asset

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Electronic giant Sony once again said on February 20, 2013, that it will be selling a part of an online medical services unit. The company said that it will get a 1.2 billion gain with the sale of the asset.

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The latest asset sale of the company is aimed at a full year of profit. It has also announced a massive corporate overhaul, which includes thousands of job cuts and the sale of a chemical division , along with the US headquarters in Manhattan.

Sony has also planned to invest in Olympus to tap the camera and the medical equipment maker’s strong foothold in the global market, for endoscopes, which are used in surgeries. On February 20, 2013, the company said that it will book a one-time gain of 115 billion yen, by selling a six percent stake in M3 Inc. to Deutsche Securities.

The unit supplies medical information to doctors online. After the sale, Sony will still own about a 50 percent stake in M3 and said that the move was made so as to transform its businesses and reorganize assets, which would still remain M3’s major share holder. The company is expected to announce a new PlayStation console in the US market as well, as it faces tough competition from cheap and free downloadable games.