SONY (AP) Sony Corp. and its American parent company, the Walt Disney Co., said Friday they would sell their majority stake in their U.K.-based film studio.
Sony shares fell about 1 percent, but were up as much as 6 percent.
Sony shares were the biggest drop since November, after the company’s chief executive said the studio was being pressured by “the biggest antitrust investigation in U.G. history.”
The move to sell the stake came on the heels of a record-breaking session, when shares fell nearly 8 percent in one day.
Sixty percent of the company had already traded down at the start of trading Friday.
The Walt Disney Company said it would sell off its stake in the company.
Disney also owns Lucasfilm Ltd., the maker of “Star Wars” films, and its Marvel Studios movie business.
Seth Rosenblatt, a stock analyst with Jefferies LLC, said the company was probably making a tough call.
But Rosenblott said the Disney stake in Sony is not going anywhere.
“There are a lot of things that are happening that are really compelling,” he said.
“It’s a bit of a mixed bag for Sony.”
Sony will pay $2.1 billion for the stake.
The company is hoping to buy back the shares it owns from Disney.