Sony Group Corp on Thursday said it is examining a partial spin off of its financial business just three years after taking full control, as the conglomerate doubles down on entertainment and image sensors.
The Sony logo is displayed outside the company's headquarters in Tokyo, Japan February 16, 2023. REUTERS/Issei KatoSony looking at retaining stake of slightly less than 20%on Thursday said it is examining a partial spin off of its financial business just three years after taking full control, as the conglomerate doubles down on entertainment and image sensors.
Given the capital the business requires, "it is a challenge to balance this with our investment in other growth areas such as entertainment and image sensors," Sony Chief Financial Officer Hiroki Totoki told a strategy briefing. A partial spin-off of Sony Financial, which the group said was made possible by changes in tax rules, would allow the newly listed business to retain Sony branding.
In the current financial year, Sony expects a 40% drop in revenue at the unit due to an accounting change, and a 20% drop in profit due to the absence of the year prior's one-off gains.
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