Sony of Japan announced today that it has bought a 10 percent stake in Tokyu Corporation's cable television division. As part of the deal, the two have joined forces to create a broadband Internet service using Tokyu's existing cable infrastructure. The broadband service will allow the PlayStation 2 to offer various Internet and e-commerce functions. This comes just days after Japan's two biggest cable TV operators announced that they would merge to stave off incoming network competition from American-based AT&T and Microsoft, both of whom recently announced a broadband initiative in the country.
Tokyu's stock has risen appropriately, while Sony's fell somewhat after the purchase was announced. The cost to Sony for the purchase of Tokyu's stock was 10 billion yen (US$95.10 million).
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