Sony looking to cut $100m from Entertainment Division budget

Sony has enlisted management consultancy firm Bain and Co to find $100 million – about 62 million – in cuts, a person close to the firm has revealed.

As part of the firms plan to make further cost savings and return itself to profit, the planned cuts will involve job losses to its entertainment division, which includes Sony Pictures and its games arm,Bloombergreports.

The cuts are part of Sony’s ongoing plan to return to profitability.Its recent poor second-quarter led Moody’s Investors Service to warn that Sony’s debt rating could be reduced to junk” if improvements are not made soon.

Some of Sony’s investors, most notably Daniel Loeb of Third Point, havecalled for Sony’s to break up its entertainment empire, so that it can focus its efforts on maximising profitability for its core electronics business.

Sister site Develop has more details.

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