Sony Sells All Its Square Enix Stock
C'mon, can you really blame them?
As reported by The Wall Street Journal, Sony will sell its entire stake in publisher Square Enix. Sony's position, totaling 9.52 million shares, will be sold to yield around 4.8 billion yen ($47 million).
Japanese brokerage firm SMBC Nikko Securities Inc. will oversee the transfer, and the deal is expected to close on April 17. This is part of Sony's plan to boost profitability and it sorta makes sense. Also, don't forget that at one point, Sony actually held 8.2 percent of Square Enix's total shares about a decade ago. Over the years, Sony's confidence in Square Enix has apparently waned...or maybe they just need the extra cash.
After the travesty that was Lightning Returns: Final Fantasy XIII, I probably would've sold my stock, too. That's all I'm saying.
4/16/2014 3:46:09 PM Ben Dutka