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Sony Buys Into Square
October 9, 2001

Sony has announced that it will pay 14.9 billion yen ($124 million) for a 19% share of Square Co.  Sony will reportedly pay 1,330 yen a share for 11.2 million shares, which will make Sony the second-largest shareholder of Square stock (behind the founder).  Square said last week that it would have to write off 10.7 billion yen due to the failure of Final Fantasy: The Spirits Within, which took in about $32 million at the U.S. box office and had an estimated development budget of $135 million.

Square has stated that this will not affect any multiplatform development it has planned, and that this investment by Sony does not tie Square to Sony.  Rumors have swirled that Square will develop for both Microsoft and Nintendo.



 


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