Sony Pictures Profits Climb 56% to $281 Million, Lifting Group Income in Third Quarter

Operating income at the ‘Pictures Division’ of Sony Group Corporation climbed by 56% to hit $281 million in the October to December 2023 quarter, the Japanese company reported on Wednesday. Sales increased from $2.35 billion to $2.47 billion in the latest period.

The division spans movie production and distribution, television networks and TV content production. The operating income figure compares with $179 million in the same quarter of 2022.

The Pictures Division result is also a quarter-on-quarter improvement. In the July to September 2023 period, sales revenues were $2.77 billion, with operating income at $204 million.

At the group level, Sony reported a 22% surge in quarterly sales for the October to December period – the third quarter in its ongoing financial year. Sales hit JPY32.8 trillion ($21.8 billion), with net after tax profits increasing by 13% to JPY364 ($2.42 billion).

In a highly dramatic turn of events Sony last month walked away from a proposed $5 billion merger of its Indian TV and streaming businesses with rival Zee Entertainment Enterprises, despite more th -

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an two years of negotiations and regulatory clearances. The collapse of the deal appeared to reflect an impasse over management of the enlarged business and a collapse in the valuation of the Zee businesses during the prolonged discussion process.

The two conglomerates have both said that they will seek financial compensation for the collapsed deal and may go to arbitration or litigation if the matter cannot be solved. At the time of its January deal cancelation announcement Sony said that the strategic setback was unlikely to have any material impact on its third quarter financial results.

Nevertheless, a further update from Sony’s management is possible in the briefings with media and financial analysts that follow Wednesday’s financial statements.

More to follow.

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