Sony is and will continue to take some serious hits and have heavy losses for a while before it can recover.
I don't see Sony going bankrupt. They have, however, some serious management problems since 7 out of 8 years, they missed their profits forecasts.
Most likely scenario in my opinion: Sony has a miserable 2009, PS3 takes another dive: shareholders fire the CEO. After the new management, Sony will announce a restructuring to reduce costs and cut unprofitable business. By end-2010, the economy will start to recover, Sony will walk towards profit and the BR will start o pick up, which will help Sony with the royalties it will collect.
The PS3 will help Sony mostly due to the BR format and not as a gaming platform. The PS brand is still strong but only on the next gen it might return to fight for 1st place.
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