14 DAY TRIAL // Sony Computer Entertainment has just announced the sale of its complete Square Enix shares, a total of 9.5 million shares, accounting for around 8 percent of the Japanese game maker and publisher.
Sony says it has already agreed to sell the shares to SMBC Nikko Securities Inc, one of Japan's leading financial securities companies, and the price of the sale has not yet been disclosed. Previously, Sony used to be the third biggest Square Enix shareholder.
Sony isn't doing very well lately, and, whereas the PlayStation 4 is performing even better than initially projected, the company's financial woes resulted in numerous changes to the entire operation.
The company has recently sold its Tokyo offices and laid off several thousand employees and has also announced plans to sell its Vaio branch, the PC business operation, as well as to move its TV arm into its own subsidiary. These two decisions will result in an estimated 5000 more layoffs over the course of the following year.
Although the sale generates a much-needed financial boost for Sony, it also marks the separation of two mammoth companies in the Japanese market, the partnership of which resulted in a very strong presence of the acclaimed Final Fantasy franchise on the PlayStation over the years.
Sony will announce its full-year financial results on May 14, when the reasons behind the sale should most likely come up.