{"id":289778,"date":"2017-01-31T06:29:34","date_gmt":"2017-01-31T06:29:34","guid":{"rendered":"http:\/\/citifmonline.com\/?p=289778"},"modified":"2017-01-31T06:29:34","modified_gmt":"2017-01-31T06:29:34","slug":"sony-takes-1bn-charge-on-movie-business","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2017\/01\/sony-takes-1bn-charge-on-movie-business\/","title":{"rendered":"Sony takes $1bn charge on movie business"},"content":{"rendered":"
Sony has taken a hefty writedown on the value of its movie business as the unit suffers from falling DVD and home entertainment sales.<\/p>\n
It has taken a 112bn yen ($1bn; \u00a3780m) charge, citing “an acceleration of market decline”.<\/p>\n
The rise of online streaming services has hit demand for traditional media such as DVDs and blu-ray discs.<\/p>\n
Sony’s movie division has also struggled, with recent flops including an all-female Ghostbusters sequel.<\/p>\n
Sony had warned earlier this year its movie division could post more losses.<\/p>\n
The Japanese firm, which reports its third-quarter results on Thursday, is still assessing whether the impairment charge will affect future earnings.<\/p>\n
It plans to offset the loss by selling shares in medical web service M3.<\/p>\n
The head of Sony’s entertainment business, Michael Lynton, recently announced he would be stepping down in February after more than a decade at the firm.<\/p>\n
–<\/p>\n
Source: BBC<\/p>\n","protected":false},"excerpt":{"rendered":"
Sony has taken a hefty writedown on the value of its movie business as the unit suffers from falling DVD and home entertainment sales. It has taken a 112bn yen ($1bn; \u00a3780m) charge, citing “an acceleration of market decline”. The rise of online streaming services has hit demand for traditional media such as DVDs and […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[106],"tags":[],"yoast_head":"\n