Sony to Fling $642 Million at Scandal-Hit Olympus Corporation
9/25/2012 7:19:32 AM
Sony Corp will likely approve a plan this week to invest 50 billion yen ($642 million) in cash-strapped Olympus Corp, becoming its biggest shareholder with around a 10 percent stake, three sources familiar with the deal told Reuters. Sony will set up a joint business with Olympus to develop new medical equipment, and next year will send an executive to join its board of directors, the sources said on condition they not be identified. Sony wants to nurture new businesses, including medical equipment, to increase revenue as it draws back from loss-making televisions.