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Sony has announced plans to sell its New York HQ for $1.1 billion —but it will continue to rent and use the space.
The sales should net Sony $770 million (around £480m) in cash— which the company could desperately do with right now. Sony will inhabit the building for at least three years, renting it from new owners the Chetrit Group, which also own the Willis Tower in Chicago.
The 37-story New York building, which sits at 550 Madison Avenue, was previously owned by AT&T. It was sold to Sony in 2002 for $236 million (£148m). [Bloomberg]
Image by Steve.M~ under Creative Commons license
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This is worrying. Nokia did this recently too. Still I guess it’s better that they do this than lay off people to save the money.
I would have thought Sony was doing much better than Nokia, specially as per PS3 sales figure
Sony’s entire non-Playstation business is in crisis, and has been for a couple of years. The gaming division is the only side of the company making any money at all at the moment. Samsung completely slamming them on the electronics/phones/tv front is a major factor that isn’t likely to wane any time soon.
Very true, they should maximise what they do best and minimise what they suck at, but it’s a BIG corporation and may be the rigth hands doesn’t know what the right hands are doing.
left hands*