Shares in Sony plunged almost 13% in Tokyo on Wednesday, erasing $20 billion from its market value, after gaming rival Microsoft said it plans to …
Shares in Sony plunged almost 13% in Tokyo on Wednesday, erasing $20 billion from its market value, after gaming rival Microsoft said it plans to buy Activision Blizzard. Xbox maker Microsoft said Tuesday it has agreed a $68.7 billion all-cash deal with the publisher of « Call of Duty » and « Candy Crush. » Sony’s stock closed 12.8% lower in the wake of the news, for its biggest one-day drop since 2008. The move dragged Japan’s Nikkei 225 index down by 2.8%. Its US-listed shares were down 4.3% early Wednesday, after closing almost 7.2% lower the previous session. The Japanese tech giant and Microsoft are two of the biggest competitors in the videogame industry with their PlayStation and Xbox gaming consoles, respectively.
