Sony will take a write-down of nearly $1 billion in the fiscal third quarter, the company said Monday, blaming expected weaker profits in its movie business following a decline in the DVD market.
The Tokyo-based electronics and entertainment giant said the charge amounted to 112.1 billion yen ($980 million) and it comes weeks after the departure of Sony's entertainment division boss Michael Lynton. In a separate announcement, Sony reported the sale of a little more than five-percent stake in Japanese medical information site M3 to Goldman Sachs for about 37 billion yen.