Sony’s Selling All of its Square Enix Shares to Return to Profitability
But, hey, the PlayStation 4 is still killing it
Japanese juggernaut Sony, most famous for the globally known PlayStation brand – and for also making, I don’t know, headphones and a few movies now and again – is dumping its entire financial stake out of publisher Square Enix.
Sony holds 9.52 million shares in Square Enix, a sensual tryst that began in the early 2000’s. Once upon a time ago, before the word “timed” preceded “exclusivity,” Square’s Final Fantasy brand was nearly synonymous with PlayStation, especially helping Sony claim the dominance in Japanese households it still enjoys to this very day.
Sony’s equity is priced at ¥4.8 billion yen, or $47 million. The deal is expected to be closed as soon as tomorrow. The decision is the next of several moves the company has made to return itself to profitability. Since 2014 began, Sony has laid off thousands of workers, sold two corporate offices, and has even axed its PC division.
On the upside, the Sony PlayStation 4 has reveled in sales success, having sold 7 million units worldwide since launch, surpassing its next-gen competition, the Xbox One, by a slim margin. As an aside, I am currently a happy member of that 7 million club and I sing my PS4 into a gentle sleep, nightly.