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Sony sells its U.S. headquarters for $1.1 billion
Sony sells its U.S. headquarters for $1.1 billion
January 18, 2013 | By Mike Rose

January 18, 2013 | By Mike Rose
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More: Console/PC, Business/Marketing



As part of its efforts to turn its ongoing money troubles around, Sony has sold its New York City-based U.S. headquarters to a commercial properties consortium for $1.1 billion.

After repaying any debt related to the Madison Avenue Building, Sony says that it will receive around $770 million in cash proceeds from the sale, with about $685 million of that recorded as operating income. The sale is expected to close in March.

This follows the news that credit rating agency Fitch Ratings downgraded Sony to "junk" just before the holidays, as the company continues to rack up notable fiscal losses, due in part to its PlayStation business.


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Comments


Maria Jayne
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Wow....guess they'll be working out of somebodies basement now.

Alan Rimkeit
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Wow, this economy is the pits. Sure Sony has had some missteps, but this downturn is a real bummer for everyone. This would have never happened in the 90's.

Glenn Sturgeon
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If only they were an american company obama could declaire them too big to fail & give then hundreds of millions of dollars. As a loan of course. oO Then they could shift things around and let it slip under the rug like the money GM got and was supposedly "paid back."

Liam McMahon
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Funny thing Jack Trenton oversaw the last days of Sega, then jumped ship to Playstation. Anyone else see a similarity?

kevin wright
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Just goes to show that relationships are better investments than mem chips and graphic cards.


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