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Sony is no longer the third largest shareholder of Square Enix, as the company is selling every last piece of Squenix stock it owns.
For the last ten years, Sony has owned about 9.5 million shares in Square Enix stock, and they plan to sell it all to SMBC Nikko, a global securities firm. Even though the stock is estimated to be worth around $157 million, they are selling it for $47 million.
This move could be part of the pressure CEO Kaz Hirai has to cut corporate costs, and it could also be due to Square Enix's multiplatform approach with series that were traditionally PlayStation exclusives and Square Enix's own financial troubles. It will be interesting to see how this affects both companies down the road.
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