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Sony Corp (ADR) (NYSE: SNE) announced on Tuesday a major business update affecting its PlayStation segment.
Sony stated in a press release it will create a new business named Sony Interactive Entertainment LLC (SIE) that will join the forces of all business units belonging to Sony Computer Entertainment Inc. (SCE) and Sony Network Entertainment International LLC (SNEI), including hardware, software, content and network services.
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Sony added that the SIE's principle of business will consist of "Research, development and sales of PlayStation hardware, software, content and network services." The company further added that the market environment for hardware, software, content and network services are "ever evolving" and it "has become important" for both SCE and SNEI to combine their businesses under one entity with a single focus.
"Through the formation of SIE, the companies combine resources across their hardware, software, content and fast-growing network businesses, positioning the company for enhanced competitiveness, continued expansion and market leadership in all areas," Sony further explained in its press release. "SIE will better respond to the needs of consumers and the evolving digital market to deliver unparalleled interactive entertainment experiences under the PlayStation brand."
"By integrating the strengths of PlayStation's hardware, software, content and network operations, SIE will become an even stronger entity, with a clear objective to further accelerate the growth of the PlayStation® business," said Andrew House, President and Global CEO of Sony Computer Entertainment Inc. and Group Executive in charge of Network Entertainment of Sony Corporation. "Along with our business partners, SIE will develop pioneering services and products that will continue to inspire consumers' imaginations and lead the market. We will work hard to maximize corporate value by coordinating global business operations across San Mateo, Tokyo, and London by leveraging local expertise."
Shares of Sony were trading lower by 1.14 percent at $20.89 after Tuesday's opening bell.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.