According to a Japanese news release, Sony is set to sell its entire stake in Square Enix. The announcement states that Sony will unload all 9.52 million shares in a transaction worth around $47 million.
This deal is set to take place on April 17th, and is being done in an effort to boost profitability. Sony previously announced that they would sell two major office buildings, lay off thousands of employees and sell off its PC division to try and return to a point of profitability.
Condemn (OR) Condone:
What the hell is up with all this bad news today? Sony selling off all this stock is a reminder of how crappy Square Enix has been and the unfortunate predicament that Sony is in, financially. This was definitely a good move on Sony’s end, though, as the merge that lead to Square Enix pretty much destroyed the Final Fantasy franchise.