Sony Computer Entertainment today announced that it sold all of its Square Enix stock for $49 million.
In the past few weeks, Sony has been trimming its rough edges and streamlining profits by shutting down various low-earning studios. In this same spirit, the Japanese gaming giant has sold off all of its Square Enix stock, which is a surprise move given the studio’s recent surge from Final Fantasy XIV: A Realm Reborn and the upcoming Final Fantasy XV.
The transaction saw SCE selling all of its 9.5 million strong mass of shares to SMBC Nikko Securities for ¥4.9 billion (around $48-49 million)–capital that will no-doubt be used to solidify upcoming hardware development such as Sony’s Project Morpheus VR headset.
Sony hasn’t officially revealed why they sold the Square Enix stocks, yet the implications are somewhat interesting and may indicate that the company doesn’t feel Square has a strong enough presence to merit holding onto the shares.
The official sales figures and profit details will be released on the morrow by Sony, and perhaps then we’ll hear exactly why the company sold off its Square assets.