Sony Group\u00a0has listed about $9.5 billion worth of shares in its financial business as it shifts its focus to gaming and other entertainment.<\/p>\n
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<\/a>.<\/p>\n \u201cIt 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,\u201d Sony CEO Hiroki Totoki previously said<\/a> in May.<\/p>\n Sony plans to distribute the shares, which comprise about 84% of the business, back to its shareholders as dividends. It doesn\u2019t plan to offer them to the public, according to the Journal.<\/p>\n The company has centered its entertainment business<\/a> 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\u2019s first quarter ending in June. It also saw boosts in its music and movie departments.<\/p>\n Sony Financial, however, had a net loss. Sony expects the division\u2019s 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<\/a> shares using the equity method. It will then appear as operating income or loss in continuing operations.<\/p>\n Sony did not immediately respond to TheWrap\u2019s request for comment.<\/p>\n
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