Sony Sells Its New York Headquarters

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Sony Corp. (NYSE: SNE) needs money to keep up efforts to resurrect itself. It found some as it sold its NYC headquarters for $1.1 billion. According to press reports, the Japanese company made a $685 million.

Sony’s management said:

(it) is undertaking a range of initiatives to strengthen its financial foundation and business competitiveness and for future growth. At the same time, Sony is balancing cash inflows and outflows while working to improve its cash flow by carefully selecting investments, selling assets and strengthening control of working capital such as inventory. This sale is made as a part of such initiatives.

Unfortunately, the company remains in deep trouble, and at some point will run out of assets to sell.

Shares of Sony are up more than 6% in premarket trading, to $12.65 in a 52-week trading range of $9.57 to $22.35.

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