Sony sells its music business in Russia

Thank you, Mr. Air, a netizen of CTOnews.com, for your clue delivery! CTOnews.com Sept. 13, according to Reuters, Sony Music issued a statement that Sony Group's music business has withdrawn from Russia due to the conflict between Russia and Ukraine, and Sony has handed over the business and musicians to local management.

The Japanese electronics and entertainment giant suspended operations in the country earlier this year, sold its Russian music business and transferred its contracted artists to a local company, sources said. but the value and other details of the deal are unclear. According to sources, the new company is a completely independent entity with Sony Music and will only represent Russian artists who have signed up.

In addition, other businesses managed by Sony in Russia, such as games and movies, are reported to be on hold. The financial impact of the suspension is expected to be limited, and CTOnews.com learned that Russia and Ukraine accounted for 0.7% of Sony's revenue in the fiscal year ended March 31.