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Sony Forms China PlayStation Venture in Microsoft Challenge

Sony Corp. took steps toward selling PlayStation gaming consoles in China as Chief Executive Officer Kazuo Hirai seeks to tap players in the world’s largest market and rebound from a projected sixth loss in seven years.

Sony agreed to form two ventures with Shanghai Oriental Pearl (Group) Co., owner of the Oriental Pearl Tower, to start making and selling PlayStation consoles after China lifted a 13-year ban on sales of the machines. The Tokyo-based company will have a 70 percent stake in one venture and 49 percent in the other, according to a statement filed with the Shanghai Stock Exchange. Sony rose the most in almost two months.