Tokyo - Sony announced on Tuesday that it plans a $3 billion initial public offering for its financial unit on the Tokyo Stock Exchange, Reuters reported.

Sony Financial Holdings provides online banking and insurance services.

Proceeds from the listing, which may still occur this year, are expected to be put towards the company's core operations, such as its electronics division, and offset costs from battery recalls and the PlayStation 3 launch.

Meanwhile, despite announcing last month that it would shutter its underperforming Connect digital music service, Sony officials said Tuesday the company is exploring the development of another music and video download service, the Associated Press reported.

"Music and video downloading has been available through networks, and we are looking into the area as a possible business," said Sony spokesman Shigenori Yoshida.

Related Links:
http://tinyurl.com/ypy4rk (Reuters)

http://news.yahoo.com/s/ap/20070904/ap_on_hi_te/japan_sony_1 (AP)