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In 1971, Masaru Ibuka handed the position of president over to his co-founder Akio Morita. Sony began a life insurance company in 1979, one of its many peripheral businesses. Amid a global recession in the early 1980s, electronics sales dropped and the company was forced to cut prices. Sony's profits fell sharply. "It's over for Sony," one analyst concluded. "The company's best days are behind it. " Around that time, Norio Ohga took up the role of president. He encouraged the development of the Compact Disc in the 1970s and 1980s, and of the PlayStation in the early 1990s. Ohga went on to purchase CBS Records in 1988 and Columbia Pictures in 1989, greatly expanding Sony's media presence. Ohga would succeed Morita as chief executive officer in 1989. Under the vision of co-founder Akio Morita and his successors, the company had aggressively expanded into new businesses. Part of its motivation for doing so was the pursuit of "convergence," linking film, music and digital electronics via the Internet. This expansion proved unrewarding and unprofitable, threatening Sony's ability to charge a premium on its products as well as its brand name. In 2005, Howard Stringer replaced Nobuyuki Idei as chief executive officer, marking the first time that a foreigner had run a major Japanese electronics firm. Stringer helped to reinvigorate the company's struggling media businesses, encouraging blockbusters such as Spider-Man while cutting 9,000 jobs. He hoped to sell off peripheral business and focus the company again on electronics. Furthermore, he aimed to increase cooperation between business units, which he described as "silos" operating in isolation from one another. In a bid to provide a unified brand for its global operations, Sony introduced a slogan known as "make. believe" in 2009.

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