Embattled Sony announces asset sale of US$1.2 billion

The firm has announced a massive corporate overhaul that includes thousands of job cuts and the sale of a chemical division and its US headquarters in Manhattan.

It is also investing in Olympus to tap the camera and medical equipment maker's strong foothold in the global market for endoscopes used in surgery.

On Wednesday — when it is also expected to unveil its latest PlayStation games console — Sony said it would book a one-time gain of 115 billion yen (US$1.2 billion) by selling a six percent stake in M3 Inc. to Deutsche Securities. The unit supplies online medical information to doctors.

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