[marty370]

Sony Corp. (6758)’s U.S. unit said it agreed to sell its 37-story New York headquarters to investors led by the Chetrit Group for $1.1 billion. The shares surged the most in more than four years. Sony said it expects the sale of 550 Madison Ave. to generate net cash proceeds of about $770 million after repaying debt tied to the building and other transaction costs. The company and other units of the Japanese parent, including Sony Music Entertainment, will remain in the building for up to three years, Sony said in a statement released in New York.

http://www.bloomberg.com/news/2013-0...1-billion.html

[japsander]

desperation....

[marty370]

Originally Posted by japsander desperation....

Hows it desperation. Businesses raise cash all the time, whether loads or against assets .Reguardless of how you see Sony financials, Sony have valuable assets they choosing to sell off. Sony still a multi billion dollar company, like it or not. Plenty of companies sell assets when ther cash is tied up in other things.

Sony's shares increased 12% on the announcement of this sale. Looks like the comeback is accutally working.