Sat, May 30, 2015
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 Exclusive: New TMT hedge fund adopts the long-term approach[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: Adam Parker founded Center Lake Capital LLC in New York in November 2014. Before that, he was portfolio manager at Point State Capital (the successor fund to Dr

  2. Regulatory - Hedge funds face tax as Iceland poised to end capital controls, Comment: Why alternatives need more transparency, not enforcement[more]

    Hedge funds face tax as Iceland poised to end capital controls From Bloomberg.com: Hedge funds and other investors who bought claims against Iceland’s failed banks face a tax that targets the lenders’ estates as the government prepares to unveil its plan for exiting capital controls in t

  3. Investing - Nelson Peltz’s Trian Fund Management reduces position in Legg Mason, Biotech investors up big amid bubble talk, Hedge funds increase exposure in healthcare[more]

    Nelson Peltz’s Trian Fund Management reduces position in Legg Mason From Octafinance.com: Trian Fund Management has filled a SC 13D/A form regarding Legg Mason, Inc. Per Nelson Peltz’s Trian Fund Management’s filing, the filler reported decreased stake in the company by -11.05% to 11,03

  4. All hedge fund strategies rebounded last week as market conditions normalize[more]

    Komfie Manalo, Opalesque Asia: After a difficult start this month, all hedge fund strategies ended last week in positive territory, as the Lyxor Hedge Fund Index gained 0.9% (-0.2% MTD, 3.3% YTD). According to Lyxor AM’s latest Weekly Briefing, in t

  5. Billionaire hedge fund investor Odey says April 'bloody', has cut risk[more]

    From Reuters/Yahoo.com: Billionaire hedge fund manager Crispin Odey has cut risk and leverage following a stunning 19.3 percent loss in his 3.1 billion euros (2 billion pounds) Odey European Inc fund in April, a letter to investors seen by Reuters showed. Describing the month as "bloody", Odey

 

banner