Sony will spin off its video-and-sound business into a separate company and shrink its headquarters as part of a three-year turnaround plan.
Kazuo Hirai, chief executive of the struggling Japanese electronics maker, outlined the company's strategy Wednesday, at Sony's Tokyo office.
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He said Sony Corp. will invest in innovative areas, including through acquisitions and partnerships, although he didn't announce specific deals.
The company is targeting an operating profit of 500 billion yen ($4.2 billion) and a 10 percent return on equity for the fiscal year through March 2018, but it won't target sales, highlighting its new approach of valuing profitability and not going after size.