Sony to Quit as FIFA Sponsor

Tokyo, Nov. 25 (Jiji Press)--Sony Corp. <6758> is unlikely to renew its contract as a major sponsor of FIFA, the international soccer governing body, as the company is focusing on rebuilding its businesses, it was learned Tuesday. The current eight-year contract that began in 2007 is due to expire at the end of this year. The struggling Japanese electronics and entertainment giant signed the contract with FIFA in April 2005. Sony ran advertising campaigns at international soccer matches and events, including the FIFA World Cup in South Africa in 2010 and in Brazil in 2014. However, there have been calls within the company for reviewing the contract, for which Sony has spent over 30 billion yen, at a time when its mainstay electronics division is continuing to perform poorly, informed sources said. END