Sony has realised that content is not as ‘king’ as it used to be

It has taken it a quarter of a century to realise it overpaid when it shelled out $3.4 billion for Columbia

5th February, 2017
Kazuo Hirai, President and CEO of Sony, speaks during a press event for CES 2017 at the Las Vegas Convention Center earlier this year Pic: Getty

It doesn’t usually take 28 years for a buyer to suffer from remorse. But Sony has just taken a $983 million writedown on the value of its film business. The bulk of this, according to the company’s announcement to the stock market on the subject, reflects an impairment of the goodwill acquired when it bought Columbia Pictures in 1989.

More than a quarter of a century later, the Japanese company has effectively acknowledged that...

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