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Sony To Sell Its Square Enix Stocks
Sony has announced that it will be selling off all of its shares that it currently holds in Square Enix. The Japanese giant has owned nearly 9.5 million Square Enix shares for over a decade, making it the third-largest shareholder. It will now be selling them to a global firm called SMBC Nikko Securities.
The Wall Street Journal reports that the stock will book a Y4.8 billion (nearly US$47 million) one-off profit for the fiscal quarter ending in June. The exact price of the shares will be revealed this Thursday. But, the sales price is lower than the Y16 billion (nearly US$157 million) that the stocks are currently worth.
A reason why Sony has decided to sell these stocks might have to be for the fact that Square Enix hasn’t released a PlayStation exclusive for quite some time now, apart from the HD remakes of games such as Final Fantasy X/X-2 and Kingdom Hearts. And the company doesn’t plan on continuing its exclusive partnership with Sony, as it did reveal that Kingdom Hearts 3 and Final Fantasy XV will both release for the Xbox One and PS4. Considering Sony’s financial woes, it makes sense both logically and financially for Sony to sell of its stocks.