Sony Sells More Real Estate, Turns a Profit of $148 Million

Sony Sony Sells More Real Estate, Turns a Profit of $148 Million Sony announced on Thursday that they are selling yet another office building in Tokyo.

They've signed a deal to sell Building 5 to a Japanese real estate developer. The new owner has agreed to pay around 7 billion yen for the building, earning Sony a net profit of around 5 billion yen or $49 million.

This but the latest asset to be sold off as part of Sony's turnaround plan. Sony has also sold their US headquarter building and put their old Tokyo HQ on the market. Earlier this month Sony also sold Building 4 for 16 billion yen, netting Sony a profit of around 10 billion yen. Both of the recent real estate sales are going to be recorded as operating profit in the coming fiscal quarters.

Sony has also sold off their PC division, and last but not least they've started to shut down unprofitable retail operations. Sony has abandoned most of their retail stores in the US (and in other countries). The Sony Reader Store closed in North America, with the remainder being run by the German ebook firm txtr. Sony has also shuttered the Crackle streaming video service in the UK, citing too much competition.

On a related note, I am concerned that Sony might shutter the remaining Sony Reader Stores as soon as their contract with txtr is up. I wouldn't be too alarmed about the possibility; if or when that happens I would bet that any existing Sony customers will probably become txtr customers. Your account will simply transfer over.

About Nate Hoffelder (10079 Articles)
Nate Hoffelder is the founder and editor of The Digital Reader:"I've been into reading ebooks since forever, but I only got my first ereader in July 2007. Everything quickly spiraled out of control from there. Before I started this blog in January 2010 I covered ebooks, ebook readers, and digital publishing for about 2 years as a part of MobileRead Forums. It's a great community, and being a member is a joy. But I thought I could make something out of how I covered the news for MobileRead, so I started this blog."

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