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JAPAN'S ORICON TO SELL STRUGGLING S KOREAN MOVIE DOWNLOAD SUBSIDIARY.
TOKYO, May 1 Asia Pulse - Oricon Inc. (TSE:4800) announced Wednesday that it will unload most of its stake in South Korean subsidiary Oricon CNS Inc. and remove the troubled provider of movie download services from its consolidated earnings.
On May 8, Oricon will sell about 80 per cent of its shares in Oricon CNS to Dongbang Environment Technology Co. for 130 million yen (US$1.3 million). Dongbang Environment Technology is a South Korean company involved in telecommunications.
With the sell-off, Oricon will report an extraordinary loss of 450 billion yen for the year ended March 31 and revise its earnings estimate to a roughly 600 million yen loss.
The firm acquired ...
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