Sony to sell subsidiary M3 shares, post $1.23 bln operating profit

TOKYO Wed Feb 20, 2013 2:49am EST

TOKYO Feb 20 (Reuters) - Sony Corp said on Wednesday that it would sell six percent of shares in its consolidated subsidiary M3 Inc, and as a result post a 115 billion yen ($1.23 billion) operating profit for the year through March 2013.

Sony said in statement that the sale of shares in M3, a marketing company, was part of a rebalancing of its business portfolio and assets. ($1 = 93.52 Japanese yen) (Reporting by Shinichi Saoshiro; Editing by Ron Popeski)

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