Sony expects $1.23 billion annual operating profit after sale of shares in subsidiary

Sony expects a $1.23 billion operating profit for the fiscal year ending March 31, 2013 after selling six percent of its shares in M3 Inc., according to a report from Sony dated today (PDF link).

The document explains that the sale is part of Sony's "initiative to transform its business portfolio and reorganize its assets." Sony will remain a major shareholder in M3, which specializes in "medical-related services through the use of the Internet," including web portals that provide information for doctors, pharmacists and medical professionals worldwide.

Earlier this month, Sony disclosed a third quarter loss of $115 million, owing to a significant decrease in hardware and software sales. Game hardware sales decreased 15.1 percent from the previous year's third quarter. In January, Sony Corporation of America announced plans to sell its headquarters, a 37-story building in New York City that was expected to garner profits of $770 million and soften its projected fiscal year loss.

Sony is widely expected to reveal the next generation of the PlayStation console tonight at an event in New York City. Polygon will be in the audience, bringing you all the news. Our coverage will kick off with a pre-event chat, continue with a liveblog and stream of the event and wrap up with a post-meeting video show.