Sony Says Sayonara
January 18th, 2013 - 2:46 pm
Sony has been in trouble for a while now, and here’s the latest sign:
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.
Remember when the big scare was the Japanese buying up all of America with all those dollars we sent them?
I never understood the objection to foreign ownership of real property in the US. It’s not like they’re going to pick up the buildings and take them home. They’ll continue to sit on our soil no matter what.
Now the big scare is that the Chinese will buy up all of America with the money we’re sending them. At least, we staying in the general neighborhood. I mean, aren’t all those Orientals about the same except when they’re dealing with each other?
You want quality you buy Sony. Ben, dump the banks and print some money for Sony.
Smart move. In this day and age, there’s zero reason for a presumed technology company to maintain the once-ubiquitous Manhattan headquarters, even as a lease.
Now if they’d just jettison Sony Pictures, they might have a shot of being around in a few decades.
“Remember when the big scare was the Japanese buying up all of America with all those dollars we sent them?”
The Japanese took billions of dollars out of this country and had to put them back! It is ecological balance!
http://www.youtube.com/watch?v=zI5hrcwU7Dk