Sony Sells Off All Of Its Shares In Square Enix
Things aren’t looking too great for Square Enix, as this morning, Sony Corporation made the surprising announcement that they will be selling all of their shares they have of Square Enix Holdings Co., Ltd. in the upcoming days.
Sony Computer Entertainment Inc., a fully owned subsidiary of Sony, have come to an agreement with SMBC Nikko Securities Inc., one of Japan’s three largest brokerage firms, for the transfer of 9,520,000 shares they had in Square Enix.
This transfer is expected to amount up to a total of about 4.8 billion yen (roughly $47 million) of additional profits for Sony’s first quarter of 2014. The full transfer value will be officially announced on April 17th, 2014.