Sony Buys Own Shares

Officials from Sony Corp. have announced that the company is to purchase 1 million of its own shares, in order to prepare for the scheduled equity swap on 1st April, with Ken Kutaragi, president of Sony Computer Entertainment (SCE). The company paid ¥4,235,048,000 ($40.1m) for the shares, which will be issued to Kutaragi, famous as the leading force behind the PlayStation brand, in exchanged for his 0.26% stake in SCE. The parent company already owns the remaining 99.74% stake. Source: Highmark Funds