Originally posted by Clavius Chicken or the egg. Pentax wasn't sold twice because they're such an excellent performer. A company going down like that should be showing some real efforts to correct the matter. Even Hoya would have invested in them en kept them if Pentax showed to be profitable.
Let's add some facts:
- Pentax Corporation wasn't sold to Hoya. We're talking about a hostile takeover, with Pentax having to give in due to very strong shareholder activism (Sparx wanting to sell). They weren't for sale nor needing "rescue".
- Pentax Corporation was profitable before the hostile takeover.
- About performance, just before the takeover launched a very compelling SLR product, the K10D, and had planned quite a few high-end lenses, they were even working on a digital medium format solution. Pentax Corporation was recovering from reusing the *istD concept.
- Basic economics: ROI is expected after the investment, not before.
- Pentax Imaging Systems was able to become profitable again, before Hoya sold them. We all know Hoya wasn't interested in Pentax Imaging, in the first place; so it's more like they couldn't make some easy money with them.
- For all we know, "Pentax" could be profitable right now (mentions of "making a positive contribution" in Ricoh's IR papers).
And by the way, this is off-topic. The subject - D610 - is IMO much more interesting than history lessons; why would Nikon replace a FF camera so soon?