Why Sony Group Shares Are Rising Wednesday

Sony Group Corporation SONY shares are trading higher on Wednesday. 

Sony Music Masterworks, a division of Sony Music Entertainment, announced a new strategic venture with Roast Productions, a live entertainment company founded by Bonnie Royal and Michael Stevens.

Mark Cavell, President of Sony Music Masterworks, said, "I'm absolutely delighted to welcome Bonnie and Michael to the Sony Music Masterworks family." 

Royal and Stevens will continue to lead the company's day-to-day operations and collaborate with Masterworks on the development of a range of new productions.

Also Read: Sony Expands Mobile Gaming Reach With Strategic Akatsuki Stake, Koei Tecmo Partnership

"Their creativity and expertise will further support our endeavours in securing and creating new quality and original live productions..," Cavell added.

Sony, riding on the success of 'Anyone But You,' has reportedly scored rare back-to-back gains in weekend ticket sales, Bloomberg reported.

The movie, produced at a cost of around $25 million, has already earned approximately $60 million globally and is projected to surpass the $100 million mark in total earnings, the report read.

Last year, Sony invested heavily in an R-rated sex comedy, "No Hard Feelings," featuring Jennifer Lawrence, the report added. 

The production costs were nearly double those of "Anyone But You," yet it earned $87 million globally, per the Bloomberg note.

Meanwhile, Indian media conglomerate Zee Entertainment Enterprises reportedly reaffirmed its commitment to a merger with Sony Group's local arm in India, countering recent media speculations suggesting that the $10 billion deal might be on the verge of collapse.

Read Next: BofA's Mixed Airline Ratings: Upbeat On United's Growth, Cautious On JetBlue's Challenges, Bullish On Delta's Cash Flow

Price Action: SONY shares are trading higher by 4.29% to $96.06 on the last check Wednesday. 

Photo via Company