Sony Says Sayonara
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?