Sony Cuts 5,000 Jobs; Sells PC Business

Japanese electronics maker Sony is making some changes in hopes of turning around its financial situation.

The company announced today it plans to sell its Vaio PC unit to a private equity group.

No word on the price tag.

Sony also announced it plans to cut 5,000 jobs and spin off its TV division.

The company hopes operating its television business as a subsidiary will help it turn a profit in fiscal year 2014.

These moves come as Sony announced it expects to lose a billion dollars for this fiscal year, which ends March 31st.

Sony has been dogged for years by poor sales in its electronics, PC and TV businesses thanks in large part to increasing global competition.

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