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Business News (more headlines) 12-28-2013

Sale Of Gracenote, Inc. By Sony Corporation Of America

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Sony Corporation of America, a wholly-owned subsidiary of Sony Corporation, announced that it has entered into an agreement to sell all of the shares of Gracenote, Inc., which is a wholly-owned subsidiary of Sony Corporation of America, to Tribune Company for $170 million subject to standard adjustments.

Sony expects to record a gain within operating income of approximately $60 million at the completion of the sale, based on the above sale price, subject to standard adjustments. Sony included an anticipated gain from this sale in the forecast for the fiscal year ending March 31, 2014, which was announced on October 31, 2013.

Sony expects this sale to close prior to March 31, 2014 subject to receipt of certain regulatory approvals.

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