TOKYO (XFN-ASIA) - Toshiba Corp has decided to sell wholly owned subsidiary Toshiba Entertainment Inc to advertising agency Hakuhodo DY Holdings Inc in May for an undisclosed amount, the Nikkei reported, without citing sources.
The sale of Toshiba Entertainment, which came after disposal last year of its holdings in record company Toshiba-EMI Ltd to EMI Group Plc, will complete its exit from the entertainment-related DVD business, the business daily said.
The company had revenue of 8 bln yen in the year to March 2006, but profit has been sluggish, the Nikkei said.
(1 usd = 119.21 yen)
yasuhiko.seki@xfn.com
ys/mas