Sony Downsizes TV Lineup, Jobs to Stay Afloat
In the past few years, Sony has seen its once-unparalleled dominance in the electronics industry wane losing market share most notably to Korean rivals Samsung and LG. To salvage the company, the first order of business for new CEO Kazuo Hirai is to start cutting costs. To do this, he has announced that 10,000 jobs will be cut globally throughout the year, and that the television product lineup will be reduced by a full 40%, with the aim of dropping 60% of its TV production fixed costs. The company's television department will also focus on developing future display technologies such as OLED and Crystal LED into actual products, in order to cash in on their R&D spend. These efforts hope to bring the company back into profitability by 2013 or 2014 - the first time in nearly a decade.