Sony plans to sell it Vaio PC operations to an investment fund, cut 5,000 jobs, and revises full-year forecast from a profit to a loss of $1.1 billion. It will also spin off its TV business.
Sony has reached an agreement to sell its Vaio laptop business to an investment fund and spin off its TV business.
The Japanese electronics giant had been in talks with investment fund Japan Industrial Partners, according to earlier reports. That deal is now official, according to Sony.
Sony “has determined that concentrating its mobile product lineup on smartphones and tabletsand transferring its PC business to a new company established by [Japan Industrial Partners] is the optimal solution,” Sony said.
Sony, which plans to cut about 5,000 jobs as part of the sale, also revised its full year forecast to a loss of 110 billion yen ($1.1 billion) from a profit of 30 billion yen.
And the TV operations will be spun off into a separate unit.
“Sony has decided to split out the TV business and operate it as a wholly-owned subsidiary. The targeted timeframe for this transition is July 2014,” the company said in a statement.
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