Sony Looking To Branch Off Their Financial Business

As the conglomerate concentrates on its entertainment business, Sony Group Corp. said on Thursday that it is looking into a partial spin off of its financial business within the next two to three years.

Sony stated that it is considering listing Sony Financial Group, whose businesses include banking and life insurance, while keeping a stake of just under 20%.

Sony is doubling down on its entertainment business, which is focused on video games, music, and movies, as well as its image sensor business, at the same time as the potential spin-off.

Sony stock increased 6% in Tokyo morning trading.

The headquarters of the Japanese multinational conglomerate Sony Group Corporation, also known simply as Sony, are in Minato, Tokyo. As a significant player in the technology industry, it serves as one of the biggest producers of consumer and business electronics, the biggest console maker, and the biggest publisher of video games. Through Sony Entertainment, it is one of the biggest music companies (largest music publisher and second-largest record label) as well as one of the biggest media companies overall thanks to its third-largest film studio. It is Japan's biggest media and technology conglomerate. With net cash reserves of 2 trillion yen, it is also acknowledged as the most cash-rich Japanese corporation.