Sony To Sell PC Unit, Reform TV Unit; Cuts Jobs - Quick Facts

(RTTNews) - Sony Corp. (SON.L, SNE) confirmed selling its personal computer business, currently operated under the VAIO brand, to investment fund Japan Industrial Partners Inc. or JIP, as the electronics firm wants to pay more attention to its smobile business on smartphones and tablets. Sony and JIP are aiming to conclude definitive agreements by March 2014 end.

According to the business transfer, Sony would stop planning, design and development of PC products, with manufacturing and sales to be discontinued, following the Spring 2014 lineup to be launched worldwide.

Also, Sony said it has decided to execute additional reform measures in its TV business, by shifting to high-end models and transitioning to a more efficient and dynamic structure, that would deliver stable profit beginning in the fiscal year ending March 31, 2015.

In addition, Sony has been engaged in several cost reduction initiatives for the TV business.

As a result of the implementation of the above measures across Sony's TV and PC businesses, and its manufacturing, sales and headquarters/indirect functions, Sony expects headcount reduction of around 5,000, including 1,500 in Japan, and 3,500 overseas, by the end of fiscal 2014.