Sony 2015 Annual Report Download - page 25

and the assets of Sony’s directors and corporate executive officers are located outside the U.S. As a result, it may
be more difficult for investors to enforce against Sony Corporation or such persons, judgments obtained in
U.S. courts predicated upon civil liability provisions of the federal and state securities laws of the U.S. or similar
judgments obtained in other courts outside Japan. There is doubt as to the enforceability in Japanese courts, in
original actions or in actions for enforcement of judgments of U.S. courts, of civil liabilities predicated solely
upon the federal and state securities laws of the U.S.
Item 4. Information on the Company
A. History and Development of the Company
Sony Corporation was established in Japan in May 1946 as Tokyo Tsushin Kogyo Kabushiki Kaisha, a joint
stock company (Kabushiki Kaisha) under Japanese law. In January 1958, it changed its name to Sony Kabushiki
Kaisha (“Sony Corporation” in English).
In December 1958, Sony Corporation was listed on the Tokyo Stock Exchange (the “TSE”). In June 1961,
Sony Corporation issued American Depositary Receipts (“ADRs”) in the U.S.
In March 1968, Sony Corporation established CBS/Sony Records Inc. in Japan, as a 50-50 joint venture
company between Sony Corporation and CBS Inc. in the U.S. In January 1988, the joint venture became a
wholly-owned subsidiary of Sony Corporation, and in April 1991, changed its name to Sony Music
Entertainment (Japan) Inc. (“SMEJ”). In November 1991, SMEJ was listed on the Second Section of the TSE.
In September 1970, Sony Corporation was listed on the New York Stock Exchange.
In August 1979, Sony Corporation established Sony Prudential Life Insurance Co., Ltd. in Japan, as a
50-50 joint venture company between Sony Corporation and The Prudential Insurance Company of America. In
April 1991, the joint venture changed its name to Sony Life Insurance Co., Ltd. (“Sony Life”). In March 1996,
Sony Life became a wholly-owned subsidiary of Sony Corporation, and in April 2004, with the establishment of
Sony Financial Holdings Inc. (“SFH”), a financial holding company, Sony Life became a wholly-owned
subsidiary of SFH.
In July 1984, Sony Magnescale Inc., a subsidiary of Sony Corporation, was listed on the Second Section of
the TSE. The subsidiary changed its name to Sony Precision Technology Inc. in October 1996 and then to Sony
Manufacturing Systems Corporation in April 2004. In April 2012, Sony Manufacturing Systems was merged into
Sony EMCS Corporation. Sony EMCS Corporation changed its name to Sony Global Manufacturing &
Operations Corporation in April 2016.
In July 1987, Sony Chemicals Corporation, a subsidiary of Sony Corporation, was listed on the Second
Section of the TSE. The subsidiary changed its name to Sony Chemical & Information Device Corporation in
July 2006, and changed its name again to Dexerials Corporation in October 2012.
In January 1988, Sony Corporation acquired CBS Records Inc., a music business division of CBS Inc. in the
U.S. The acquired company changed its name to Sony Music Entertainment Inc. in January 1991 and then to
Sony Music Holdings Inc. in December 2008.
In November 1989, Sony Corporation acquired Columbia Pictures Entertainment, Inc. in the U.S. In August
1991, Columbia Pictures Entertainment, Inc. changed its name to Sony Pictures Entertainment Inc. (“SPE”).
In November 1993, Sony established Sony Computer Entertainment Inc. (“SCEI”) in Japan. SCEI changed
its name to Sony Interactive Entertainment Inc. (“SIE”) in April 2016.
In January 2000, acquisition transactions by way of a share exchange were completed such that three
subsidiaries which had been listed on the TSE — SMEJ, Sony Chemicals Corporation (currently Dexerials
Corporation), and Sony Precision Technology Inc. (which was merged into Sony EMCS Corporation) — became
wholly-owned subsidiaries of Sony Corporation. In September 2012, Sony Corporation completed the sale of
certain of its chemical products businesses, including Sony Chemical & Information Device Corporation
(currently Dexerials Corporation) to Development Bank of Japan Inc.
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