Sony selling $1.9 billion worth of convertible bonds

Will this help them fund their aspired Gaikai acquisition?

Posted By | On 15th, Nov. 2012 Under Industry News | Follow This Author @Shubhankar2508


Looks like Sony is looking to earn some extra bucks- they’re selling convertible bonds worth $1.9 billion, in hopes that the resulting flow of cash will help them with the acquisition of Gaikai.

Upto a third of the money earned, however, will also be invested in a Japanese optics group called Olympus Corp.

Sony is looking to shift its attention span and focus hard on CMOS image sensors. The firm is clearly looking to repay debts. With the gaming division suffering year-on-year losses month after month, and the firm having reported a loss of $189 million in total, they must be desperate to get off the “loss” train and earn some real, hard money.

The gaming division even lowered its sales expectations- they lowered PSP and PS Vita combined sales expectations from 16 million units to 10 million units. Even the PS3 and PS2 sold 3.5 million in the previous quarter, down from 4.9 million last year.

[Joystiq]

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