💰Sony Corporation Announces the Expected Recording of Gains Related to Securities Held by its Wholly-Owned Subsidiary
On April 3, 2018 (U.S. Eastern Standard Time), Spotify Technology S.A. (“Spotify”, Stockholm,
Sweden), became a publicly listed company on the New York Stock Exchange (“NYSE”). At the
time of the public listing, Sony Music Entertainment (“SME”), a wholly-owned subsidiary of Sony
Corporation (“Sony”), owned 5.707% of Spotify’s shares (5.082% on a fully diluted basis), and on
the same day, SME sold 17.2% of such shares owned by SME. Due to this public listing and the
sale, Sony expects to record an unrealized valuation gain (net)* for the shares SME continues to
hold and a realized gain for the shares sold (net)*, both in Other income, in accordance with U.S.
GAAP. Based on the NYSE closing price on April 3, 2018 (U.S. Eastern Standard Time) and the
sale price, the sum of the unrealized valuation gain (net) and the gain on the sale of shares (net) to
be recorded for the first quarter of the fiscal year ending March 31, 2019 would be approximately
105 billion yen in total.Sony Global News Releases
https://www.sony.net/SonyInfo/IR/news/20180404_E.pdf
Spotify soars to value over $26 billion in stock debut | The Japan Times