Sony Corp. has revealed that Sony Pictures Entertainment will make an “impairment loss” of $962 million (JPY112.1 billion) in the three months to December, third quarter of its financial year. The announcement was announced jointly by Kazuo Hirai and Michael Lynton.
The company said that it was a “non-cash loss.” It also said that it relates to a number of factors past and present including the purchase of the studio almost 30 years ago, and also dramatic shifts in the home entertainment space.”
This will be recorded as an operating loss in its quarterly and current year financial figures. Sony is to release its third quarter financials on the afternoon of Thursday, Feb. 2.