Sony Corp got its money – $940m or so before expenses – from the flotation of a minority in its Sony Music Entertainment in Tokyo in a tender auction, but it was a bad time to float any business, and the shares, sold at 6,800, found no takers at that price and ended the first day on the market at 5,700 asked, no trading having been done: the inauspicious timing was compounded by the news that the Rolling Stones had jumped ship for Virgin Music Ltd in a three-LP deal, taking all their recordings since 1971 over to their new paymaster.
Content from our partners
