Business

Sony to Sell Manhattan Headquarters for $1.1 Billion

The Hollywood Reporter
Contributor

The deal sent Sony’s stock up 12 percent in Japan. It settled at 1,149 yen at the close of trading in Tokyo, the company’s biggest gain since Oct. 14, 2008, according to Bloomberg News.

The sale of the Tokyo-based electronics giant’s prestigious 550 Madison Avenue address is part of a company-wide push to shed assets and cut jobs to staunch the bleeding from four straight years of losses. The company’s core business area — television production — has been hurt by lower-cost competition from Samsung and a strong yen.

Full story: Sony to Sell Manhattan Headquarters for $1.1 Billion