Money is money. Or, so they say. Dubai International Capital says that it has bought a big piece of Sony (SNE) according to The Wall Street Journal
Cash rich funds from Arab nations are buying up parts of everything from stock exchanges to troubled US tech companies like AMD (AMD).
Unlike stock market shares or tech company interests, Sony has no "strategic" value to the Japanese government. The company makes TVs and video games. The problem is not quite the same with some US firms because the financial markets and high tech are considered near and dear to the heart of the American government, at least according to some Congressmen.
Dubai is probably picking a smart time to get into Sony. Its LCD business is doing very well, and its studio business is healthy. Recent word indicates that PS3 sales are moving up due to price cuts. But, Sony’s shares trade at about $49, off their 52-week high of about $60. Any substantial improvement in earnings at the company’s video game division could earn the new investor a pretty good return.
Douglas A. McIntyre
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