Sony won't renew contract with FIFA, will spend the money internally

Sony will reportedly not be renewing its contract with FIFA, will instead spend the money on structural reforms.

@anthony256
Published Mon, Dec 1 2014 7:53 PM CST   |   Updated Tue, Nov 3 2020 12:12 PM CST

The latest reports from Nikkei is that Sony will not be renewing its large contract with FIFA for sponsorship, with the Japanese electronics giant to spend the money on structural reforms.

Sony won't renew contract with FIFA, will spend the money internally | TweakTown.com

Sony started sponsoring FIFA back in 2005, with the company signing an eight-year contract worth $277 million. Nikkei is reporting that Sony was involved with sales and marketing in over 40 soccer tournaments during that time, something that included the bigger 2010 and 2014 World Cup matches.

Sony has been experiencing some massive hurdles lately, with an operating loss of $766 million in October, riding on the back of the 13.5 million PlayStation 4 consoles being shipped from its Games and Network division. Not only that, but the company has increased its loss forecast to $2.15 billion in September, after it downgraded its mobile and smartphone business by a large $1.68 billion. The company has also restructured its TV division, and sold off its VAIO PC brand back in February, too, which saw 5000 jobs cut from the company.

NEWS SOURCE:joystiq.com

Anthony joined the TweakTown team in 2010 and has since reviewed 100s of graphics cards. Anthony is a long time PC enthusiast with a passion of hate for games built around consoles. FPS gaming since the pre-Quake days, where you were insulted if you used a mouse to aim, he has been addicted to gaming and hardware ever since. Working in IT retail for 10 years gave him great experience with custom-built PCs. His addiction to GPU tech is unwavering.

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