Sony to Shed PCs, TVs and 5,000 Employees

Move comes after TV division records ninth straight year of losses

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Akio Kon / Bloomberg / Getty Images

Sony Corp unveiled a corporate restructuring plan on Thursday that will see it shed its PC and TV divisions, once the bread and butter of its operations, and slash 5,000 jobs.

Reuters reports that the restructuring plan could save the ailing electronics giant $988 million in fixed annual costs. The widely anticipated move comes after Sony’s TV division racked up nine straight years of losses, amid heated competition from Apple Inc. and Samsung Electronics Co.