TOKYO: Sony Group Corp. has abandoned plans to acquire U.S. media giant Paramount Global, Chief Financial Officer Hiroki Totoki said Wednesday.

Acquiring such a huge company does not fit well with Sony’s business strategy both in terms of risks and distribution of resources, Totoki said at an online briefing for its earnings for the April-June quarter.

The Japanese electronics and entertainment company had reportedly approached Paramount with an acquisition offer, but Sony had avoided discussing the topic.

In July, Paramount said it had agreed to be acquired by film studio Skydance Media LLC while setting a 45-day window to consider other offers.

Sony raised its consolidated net profit forecast for the year through March 2025 to 980 billion yen from 925 billion yen, citing strength in its gaming and music operations. 

For the April-June quarter, the company posted a net profit of 231,638 million yen, up 6.5 percent from a year earlier. 

JIJI Press