Just days after it was reported that Sony might sell their Vaio PC division, the company has gone ahead and made the deal official. Sony will sell their entire PC division to Japan Industrial Partners for an undisclosed amount, and immediately cease the design and development of any further PC products.

Sony cites "drastic changes in the global PC industry" as a reason for the sale of their Vaio business, and will now concentrate efforts on their smartphone and tablets lines. As for JIP, the new company will initially focus on the Japanese market while "evaluating possible further geographic expansion".

As well as selling off the PC business, Sony announced that their TV division will be split out into a wholly-owned subsidiary. The move will help "transform this business into a more efficient and dynamic organization" as Sony looks to turn a profit from TVs in their 2014 fiscal year (ending March 31, 2015).

The newly-split TV business will focus on high-end models, in particular their 4K range which is already a market leader in Japan and the United States. 2K models will still be sold, with the new business looking to improve both color quality and features in new products.

As part of the major restructuring at Sony, the company will be laying off 5,000 staff globally: 1,500 in their home nation of Japan, as well as 3,500 overseas. 250 to 300 Sony employees will transfer to JIP as part of the Vaio division sale, but exact layoffs from both the PC and TV divisions remains unknown.