Sony takes $1bn charge on movie business

Sony takes $1bn charge on movie business

Sony has taken a hefty writedown on the value of its movie business as the unit suffers from falling DVD and home entertainment sales.
It has taken a 112bn yen ($1bn; £780m) charge, citing “an acceleration of market decline”.
The rise of online streaming services has hit demand for traditional media such as DVDs and blu-ray discs.Sony’s movie division has also struggled, with recent flops including an all-female Ghostbusters sequel.The head of Sony’s entertainment business, Michael Lynton, recently announced he would be stepping down in February after more than a decade at the firm.