Sony Sells Stake in HBO Latin America to Time Warner

29/03/2010 at 6:32 am Leave a comment

Sony Corp.’s U.S. television and film production unit sold a stake in HBO Latin America to a Time Warner Inc. affiliate for $217 million, as it focuses on operations where Sony has a majority ownership.

Sony Pictures Entertainment reduced its holding to 8 percent from 29 percent, the Tokyo-based parent said in a statement today. The company expects to book $200 million in gains from the sale, whose proceeds are already part of this fiscal year’s financial forecasts, Sony said.

The deal is subject to review from antitrust authorities in Brazil. Failure to receive regulatory approval would result in an annulment and 40 percent of the proceeds would be returned to Time Warner, Sony said.

Sony in January sold a stake in HBO Central Europe to a separate unit of Time Warner for $45 million, the company said. Sony will continue to provide its content in both regions, according to the statement.

Sony fell 0.4 percent to 3,530 yen as of the 11 a.m. midday break on the Tokyo Stock Exchange, compared with a 0.5 percent decline in the benchmark Nikkei 225 Stock Average. Time Warner rose 0.9 percent to $31.50 in New York trading on March 26.

Source: Reuters

Entry filed under: DISTRIBUTORS, INDUSTRY NEWS. Tags: , , .

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