Sony Pictures

'No chance' Sony will sell its struggling movie studio despite losses, executive says

'No chance' Sony will sell its struggling movie studio despite losses, executive says

Sony Corp. said Thursday that is has ruled out a sale of its struggling movie studio, just days after declaring a nearly $1-billion write-down on the film and television business. 

The Japanese electronics and entertainment giant promised to turn the Culver City studio around after several painful years at the box office. The announcement appeared aimed at calming investors who have grown increasingly worried about the health of the company’s movie studio.

“There is no chance we will sell,” said Sony’s chief financial officer, Kenichiro Yoshida, on a conference call after the company reported its fiscal third-quarter earnings. “The pictures segment is an important...

48°