Stake reduced from 29% to 8%
TOKYO — Sony Pictures Entertainment has trimmed its stake in HBO Latin America from 29% to 8%, its Tokyo parent announced in a statement on Monday.
The stake sale, worth $217 million, is to an affiliate of Time Warner. Sony will continue to supply content to HBO Latin America, which broadcasts pics and other programming via cable. Brazilian regulators will have to sign off on the deal.
In January Sony also sold a 33% share in HBO Central Europe for $45 million to a Time Warner company.
Sony’s strategy in its worldwide TV biz is to concentrate its management resources in the three group companies in which it has majority stakes.