Sony Group has listed about $9.5 billion worth of shares in its financial business as it shifts its focus to gaming and other entertainment.
Shares of Sony Financial Group were listed in Tokyo early Monday, ahead of a planned spinoff set to take effect on Wednesday, according to the Wall Street Journal.
“It is significant that, through the spinoff, Sony [Financial Group] will secure its own fundraising capabilities while continuing to use the Sony brand and collaborate with Sony Group,” Sony CEO Hiroki Totoki previously said in May.
Sony plans to distribute the shares, which comprise about 84% of the business, back to its shareholders as dividends. It doesn’t plan to offer them to the public, according to the Journal.
The company has centered its entertainment business as its primary focus in recent years, backed by its suite of video game titles and sales of third-party releases, which helped propel earnings to double in its fiscal year’s first quarter ending in June. It also saw boosts in its music and movie departments.
Sony Financial, however, had a net loss. Sony expects the division’s net profit to increase 4.1% to 82.00 billion yen, or the equivalent of $548 million. Once the spinoff is complete, Sony plans to record profit or loss from SFGI shares using the equity method. It will then appear as operating income or loss in continuing operations.
Sony did not immediately respond to TheWrap’s request for comment.
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