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Tv & film enterprise, Sony Pictures Entertainment, with its gaming business, Sony Interactive Entertainment. In accordance with the stories, such a restructuring would have placed Sony Pictures under Sony Interactive's CEO, Andrew House, although House would not have taken over day-to-day operations of the movie studio. In 1971, Masaru Ibuka handed the place of president over to his co-founder Akio Morita. In 2012, Kazuo Hirai was promoted to president and CEO, replacing Stringer. Around that point, Norio Ohga took up the position of president. He encouraged the event of the compact disc (CD) within the 1970s and 1980s, and of the PlayStation within the early nineties. Ohga went on to buy CBS Records in 1988 and Columbia Pictures in 1989, drastically expanding Sony's media presence. In May 2014 the company announced it was forming two joint ventures with Shanghai Oriental Pearl Group to manufacture and market Sony's PlayStation sport consoles and associated software in China.
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