TOKYO — Sony has sold its stake in game developer Square Enix to SMBC Nikko Securities. The 9.52 million shares, which gave Sony the third-largest share in Square Enix, are expected to yield $47 million, with the formal price announcement expected today.
This is the latest of moves, from job cuts to real estate sales, by the troubled electronics giant in an effort to boost its sagging bottom line.
The sale will be recorded as a one-off profit in Sony’s results for the April-June quarter.
Maker of the Final Fantasy games and Kingdom Hearts games, both of which have been offered on Sony’s Playstation consoles, Square Enix has had its own profitability problems, but its shares recovered to a five-year high of ¥2895 in January, only to slide to ¥1685 at the time of the yesterday’s sale announcement.