Sony sells its U.S. headquarters for $1.1 billion

As part of its efforts to turn its ongoing money troubles around, Sony has sold its New York City-based U.S. headquarters to a commercial properties consortium for $1.1 billion. After repaying any debt related to the Madison Avenue Building, Sony says that it will receive around $770 million in cash proceeds from the sale, with about $685 million of that recorded as operating income. The sale is expected to close in March. This follows the news that credit rating agency Fitch Ratings downgraded Sony to "junk" just before the holidays, as the company continues to rack up notable fiscal losses, due in part to its PlayStation business.