Japanese technology giant Toshiba Corp said on April 16 that it had decided to exit the film and DVD production and distribution business with the sale of its subsidiary Toshiba Entertainment Inc.
Toshiba said it would sell its fully owned subsidiary - which was created in 2003 - to the Japanese firm Hakuhodo DY Media Partners Inc for an undisclosed sum to focus on its core electronics and energy operations.
"In its future business in media content, Toshiba will concentrate resources on network technology, broadcasting and telecommunication technology, and digital media products that can create a synergy with fields where the company already has established strengths," Toshiba said in a statement.
In December, Toshiba announced plans to sell its entire stake in Japanese label Toshiba EMI to British partner EMI Group, saying that music was no longer relevant to its business.
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