Fri, Jun 24, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Daniel Loeb raises stakes in Sony, adds pressure to spin off entertainment arm

Tuesday, June 18, 2013

From Precy Dumlao, Opalesque Asia – Hedge fund billionaire Daniel Loeb on Monday raised his stakes in Sony Corp. by an additional 5 million shares, bringing his total shares to 70 million through director ownership and cash-settled swaps. This will increase the pressure on Sony to discuss Loeb’s proposal to start an IPO for its entertainment business.

According to a report by Business Week, Sony’s Chief Executive Officer Kazuo Hirai confirmed that Loeb’s Third Point LLC now has 6.9% of the Tokyo-based company’s shares on issue.

Loeb’s spin off proposal was a reiteration of last month’s proposal. Hirai said they would be discussing the suggestion to sell around 20% of the firm’s music and movie assets through an initial public offering, in order to boost Sony’s consumer electronics profits.

By taking the movie and music unit public, Mr. Loeb says, the business would benefit from the scrutiny of being a public company and the guidance of a board independent from Sony’s electronics business, reports the WSJ . Taking these measures would help lift Sony’s stock price, Loeb believes.

Sony’s new board, which will take over after the company’s shareholder meeting on Thursday, will study Loeb’s proposal. Hirai has not of......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Roundup: Hedge funds shrink as liquidations outpace new launches in Q1: hedge fund news, week 27[more]

    In the week ending 17 May, 2016, HFR said hedge fund liquidations declined narrowly to begin 2016 after rising sharply to conclude 2015, as investors positioned f

  2. Europe - Hedge funds keep powder dry over big Brexit bets, Hedge funds sense profit in Europe shock waves after Brexit vote, Soros warns Brexit may cause pound plunge worse than Black Wednesday, After Brexit: What will happen if Britain votes to leave the UK?[more]

    Hedge funds keep powder dry over big Brexit bets From FT.com: Hedge funds are shying away from big bets on Brexit, with many unwilling to risk further losses having already suffered a painful first half of the year. With the outcome of a UK vote on the country’s membership of the Europea

  3. News Briefs - ’Flash Boys’ get green light to launch stock exchange, Pimco says ‘storm is brewing’ in U.S. commercial real estate, Bankers get ready to rumble at Hedge Fund Fight Night, AIMA Australia celebrates 15th anniversary[more]

    ’Flash Boys’ get green light to launch stock exchange In an investing environment ruled by fast, the newest U.S. public stock exchange is banking on slow. Well, slower. IEX Group, which won Securities and Exchange Commission approval on Friday to go head-to-head with the New York Stock E

  4. Blackstone buys minority stake in New York-based credit hedge fund Marathon[more]

    Benedicte Gravrand, Opalesque Geneva: Blackstone Strategic Capital Holdings Fund, a vehicle managed by Blackstone Alternative Asset Management (BAAM), has acquired a passive, minority interest in Marathon Asset Management, for an undisclosed sum. Based in New York,

  5. Global markets fell, hedge funds gain in mid-June on Brexit, Fed rate concerns[more]

    Komfie Manalo, Opalesque Asia: Global financial markets declined through mid-June, as uncertainty associated with the upcoming Brexit referendum and expected U.S. Fed interest rate hike contributed to increases in volatility across asset classes, data provider