New York (HedgeCo.Net) – Bloomberg reports that the founder of hedge fund Third Point is looking to breakup Sony Corp., after acquiring a 6.5 percent stake in the company.
Daniel Loeb wants Sony to spin off part of its entertainment arm that will include a Hollywood movie studio and music business, according to people familiar with the situation. Verification was not immediately available, the NYT and Bloomberg report.
Loeb flew to Tokyo and hand-delivered a letter to Hirai supporting his turnaround efforts and seeking more action, the newspaper said. Sony rose 1.2 percent to close at 1,877 yen in Tokyo trading today, extending its gain this year to 96 percent.
Loeb expects that spinning off a portion of the entertainment business could sharpen Sony’s focus and improve profit margins, the newspaper reported. He is also pushing for a spinoff of its insurance unit, the New York times reported.
Alex Akesson
For HedgeCo.net
alex@hedgeco.net
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