Sony To List Financial Unit After PS5 Sales Disappointment
Portfolio Pulse from Benzinga Neuro
Sony Group Corp (NYSE:SONY) plans to take its financial unit public in October 2025 following a decrease in PS5 sales, which led to a revision of its fiscal year sales forecast. This move reverses a $3.7 billion take-private deal from 2020. Despite strong software sales, hardware disappointments prompted a revenue forecast cut. Additionally, Sony recently acquired Michael Jackson's music catalog for $600 million and saw the PS5 outsell Microsoft's Xbox Series X | S by two to one.
February 14, 2024 | 9:06 am
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Sony plans to list its financial unit in 2025 due to PS5 sales not meeting expectations, leading to a revised fiscal year sales forecast. The company also acquired Michael Jackson's music catalog for $600 million.
Listing the financial unit could provide Sony with additional capital and investor interest, potentially offsetting the negative impact of PS5's underperformance. The acquisition of Michael Jackson's catalog could enhance Sony's content library, offering long-term value despite short-term PS5 sales disappointment.
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