Sony has decided to quit the personal computer business and split its TV division into a separate unit. The company says on Thursday that the restructuring will cut 5,000 jobs by March 2015, saving the company nearly one billion dollars a year.

Sony says it will sell its PC division to an investment fund, which will set up a separate company to take over the operations. Its TV operations, on the other hand, will be spun off into a separate unit by this July. While Sony's mobile and home entertainment businesses are falling short of expectations, its restructuring also costs money. Sony now forecasts a net loss of 1.1 billion dollars in the fiscal year ending March 2014.

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