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Sony Comments on Square-Nintendo Deal

Sony Computer Entertainment has summoned Square's top executives, among them CEO and president Yoichi Wada and chairman of board of directors Hisashi Suzuki to its headquarters to explain themselves over Square's renewed ties with Nintendo. Apparently SCE, Square's second largest shareholder had not been informed about the deal beforehand. SCE president Ken Kutaragi was abroad when the announcement was made public, and immediately after his return home, he summoned Wada and Suzuki among others to explain the announcement in detail. Wada is quoted as saying, "We took every precaution prior to the Nintendo announcement, but I don't think Sony was pleased."

While SCE approves Square's plans to develop games for Nintendo's handheld GameBoy Advance in order to improve its financial situation, Sony obviously is against the development of a Final Fantasy title for the GameCube.

Following the disappointing performance of Square's 137 million USD CG movie Final Fantasy The Spirits Within last year, the company approached Sony asking for financial support. Sony has acquired a 14% stake in Square, investing 124 million USD into one of its most important 3rd party publishers, an investment which was said to cover Square's development expenses for the next two fiscal years. Sony currently holds a 19% stake in Square.



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Updated:
03.21.02 - 8:49 AM
Professor Gast




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