Hedge fund Third Point is pressing the Japanese company for a spin-off
The board of Sony Corp. may evaluate a proposal from one of its major investors that would see the entertainment and technology company spin off portions of its entertainment division, according to a report on the Japanese daily Nikkei.
Hedge fund Third Point and its billionaire CEO Daniel Loeb have argued that jettisoning Sony's movie and TV studio and its record label would allow it turn its attention to revitalizing its struggling electronics business. In a letter addressed to CEO Kazuo Hirai that was made public last week, Loeb offered to help orchestrate a public offering for the entertainment business.
A spokesman for Sony declined to comment on the Nikkei report and a spokeswoman for Third Point did not immediately respond to a request for comment.
Nikkei reports that Loeb met last week with Hirai and offered to invest 200 billion yen to help with the spin-off.
← Previous Story