Business / Corporate

Sony offers $100 million for virus-hit medical and entertainment industries

Kyodo

Sony Corp. said Thursday it has set up a $100 million (¥10.7 billion) fund to help the medical, education and entertainment sectors in and outside Japan fight the global spread of the new coronavirus.

The fund is mainly for medical workers fighting the virus and children and educators working online due to school closures, as well as artists and creators hit by cancellation or postponement of events or suspension of film productions, Sony said.

The donation is one of the largest the electronics and entertainment giant has made, surpassing the ¥7.2 billion ($67 million) offered in the aftermath of the March 2011 earthquake and tsunami disaster that hit eastern and northeastern Japan.

Sony said of the fund that $10 million will first be devoted to the World Health Organization, Medecins Sans Frontieres, U.N. Children's Fund and the Office of the U.N. High Commissioner for Refugees to assist medical workers on the front line responding to the virus.

"We will do all we can as a global company to support the individuals on the frontlines of the battle against COVID-19, the children who are our future, and those who have been impacted in the creative community," Sony CEO and President Kenichiro Yoshida said in a statement.

Sony said last week its group net profit in the year to March is likely to be trimmed from ¥590 billion, a projection it released in February, because of the impact from the virus.

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