Register

    Sony boosts profit on tax cut, yen, sales of music, movies

    By SHOOTUpdated:No Comments1800 Views
    In this May 22, 2018, file photo, Sony Corp. President Kenichiro Yoshida attends at a press conference at the company's headquarters in Tokyo. Japanese electronics and entertainment company Sony on Friday, Feb. 1, 2019, reported a 45 percent surge in fiscal third-quarter profit on tax reductions, a favorable exchange rate and gains in its music segment. (AP Photo/Eugene Hoshiko, File)

    By Yuri Kageyama, Business Writer

    TOKYO (AP) --

    Japanese electronics and entertainment company Sony posted a 45 percent surge in its October-December profit thanks to tax cuts, a favorable exchange rate and gains in its music and movies segment.

    Tokyo-based Sony Corp.'s profit in the last quarter was 429 billion yen ($3.9 billion), up from 295.9 billion yen in the same period a year earlier. Quarterly sales fell 10 percent to 2.4 trillion yen ($22 billion).

    Other sectors such as games and semiconductors logged a weak performance, but they were offset by strong box-office receipts from the movie "Venom," and earnings from its imaging solutions, used in digital cameras.

    Sony, which makes Alpha digital cameras, Bravia digital TVs and the Aibo robotic dog, raised its profit forecast for the fiscal year through March to 835 billion yen ($7.7 billion) from an earlier estimate of 705 billion yen ($6.5 billion). That's up from 491 billion yen recorded last year.

    The company's music division benefited from the acquisition of EMI, which has a vast music catalog.

    Falling PlayStation 4 console sales hurt results, while an increase in game software sales helped, according to Sony. A shift in sales to more expensive TVs boosted the bottom line, while smartphone sales lagged, it said.

    Tags:Sony



    DirecTV calls off acquisition of rival Dish, possibly ending a yearslong pursuit

    Friday, November 22, 2024
    Dish Network satellite dishes are shown at an apartment complex in Palo Alto, Calif., Feb. 23, 2011. (AP Photo/Paul Sakuma, File)

    DirecTV is calling off its planned acquisition of rival Dish after the offer was rejected by bond holders at that company.

    The deal was reliant on Dish bond holders agreeing to trade in the debt they held for debt in the new company, a swap that would have cost them about $1.6 billion, collectively.

    The retreat by DirecTV this week may end a years-long effort by the company to acquire both Dish and Sling after it announced the bid in September.

    DirecTV was looking to acquire Dish TV and Sling TV from its owner EchoStar in a debt exchange transaction that included a payment of $1, plus the assumption of approximately $9.8 billion in debt. The deal was contingent on several factors, including regulatory approvals and bondholders writing off debt related to Dish.

    "While we believed a combination of DirecTV and Dish would have benefited all stakeholders, we have terminated the transaction because the proposed exchange terms were necessary to protect DirecTV's balance sheet and our operational flexibility," DirecTV CEO Bill Morrow said in a statement.

    The prospect of a DirecTV-Dish combo has long been rumored, and reported talks resurfaced over the years. And the two almost merged more than two decades ago — but the Federal Communications Commission blocked the deal valued at the time at $18.5 billion deal, citing antitrust concerns.

    The pay-for-TV market has shifted significantly since. As more and more consumers tune into online streaming platforms, demand for more traditional satellite entertainment continues to shrink.

    DirecTV says that it will continue to invest in next-generation streaming platforms and offer new packaging options while integrating content from live TV alongside direct-to-consumer... Read More

    MySHOOT Profiles


    Add A Comment