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Sony Will Raise $2.9B in IPO, Poised for PS3 Price Drop
by Carlos Bergfeld, Sep 04, 2007 5:12pm PDTTokyo-based Sony Corp. will net $2.9 billion when it sells 34.5 percent of Sony Financial Holdings Inc. October 11 in the Japan's biggest initial public offering of 2007. Sony Financial Holdings, a consolidated subsidiary of Sony Corp., is the company's insurance unit formed in 2004. The company will sell 725,000 shares and offer an additional 75,000. Bloomberg spoke with analysts who speculated the move was meant to raise funds for the currently unprofitable game division and consumer electronics division. Mitsuhiro Osawa, a Tokyo-based analyst at Mizuho Investors Securities Co., told Bloomberg the increased assets could allow Sony to pursue additional PlayStation 3 price cuts. The strategy could help Sony move more units in Japan, where the PS3 is being outsold 3-to-1 by the Wii.
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Link: http://www.gamasutra.com/php-bin/news_index.php?story=9945
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That won't save the PS3 has long has it's overpriced and has crappy games. Also, same is true for the PSP
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