|By PR Newswire||
|December 23, 2013 12:00 PM EST||
NEW YORK, Dec. 23, 2013 /PRNewswire/ -- Sony Corporation of America, a wholly-owned subsidiary of Sony Corporation ("Sony"), today announced that it has entered into an agreement to sell all of the shares of Gracenote, Inc., which is a wholly-owned subsidiary of Sony Corporation of America, to Tribune Company for $170 million subject to standard adjustments.
Sony expects to record a gain within operating income of approximately $60 million at the completion of the sale, based on the above sale price, subject to standard adjustments. Sony included an anticipated gain from this sale in the forecast for the fiscal year ending March 31, 2014, which was announced on October 31, 2013.
Sony expects this sale to close prior to March 31, 2014 subject to receipt of certain regulatory approvals.
About Sony Corporation of America
Sony Corporation of America, located in New York, NY, is the U.S. headquarters of Sony Corporation, based in Tokyo, Japan. Sony's principal U.S. businesses include Sony Electronics Inc., Sony Mobile Communications (USA) Inc., Sony Computer Entertainment America LLC, Sony Network Entertainment International LLC, Sony Pictures Entertainment Inc., Sony Music Entertainment, Sony/ATV Music Publishing LLC, and Sony Online Entertainment LLC. With some 900 million Sony devices in hands and homes worldwide today, a vast array of Sony movies, television shows and music, and the PlayStation Network and the Sony Entertainment Network, Sony creates and delivers more entertainment experiences to more people than anyone else on earth.
Sony recorded consolidated annual sales of approximately $72 billion for the fiscal year ended March 31, 2013, and employs 146,300 people worldwide.
Gracenote, Inc. provides music and video content and technologies to the world's hottest entertainment products and brands. Gracenote is the industry standard for music and video recognition and is supported by the largest source of music and video metadata, featuring descriptions of more than 130 million tracks and TV listings for 28 countries. A wholly owned, independent subsidiary of the Sony Corporation of America (SCA), Gracenote has offices in Tokyo, Munich, Berlin, Seoul, Taipei and San Francisco with worldwide headquarters in Emeryville, California.
SOURCE Sony Corporation of America