Fri, Dec 9, 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. Institutions - Texas County & District culls 5 hedge funds, reallocates to existing managers, Kentucky board gives final approval to halve hedge fund portfolio, $38bn Finnish fund moves assets to U.S. as Europe flounders, South Korea’s National Pension Fund holds 5% stake in 62 listed companies[more]

    Texas County & District culls 5 hedge funds, reallocates to existing managers Texas County & District Retirement System, Austin, continues to reduce the number of hedge funds, but not the size of its $6.2 billion hedge fund portfolio. It will redeem a total of $760 million from five hedg

  2. Opalesque Roundtable: Australian family offices search for good risk adjusted returns, happy to pay for skill[more]

    Komfie Manalo, Opalesque Asia: Australian family offices want foremost good risk adjusted returns, and they are happy to pay for the skill, and in some cases, the limited capacity of an active manager. Jonas Daly, Head of Distribution at B

  3. StepStone announces close of Swiss Capital acquisition[more]

    StepStone Group LP announced it has successfully closed the acquisition of Swiss Capital Alternative Investments AG, one of the leading private debt and hedge fund solutions providers in Europe. The transaction was originally announced in May 2016, and has been in the process of receiving regulatory

  4. Investing - Stephen Cohen investing $275m in free clinics treating veterans' mental health issues, California Resources loses favor with hedge funds[more]

    Stephen Cohen investing $275m in free clinics treating veterans' mental health issues From Healthcarefinancenews.com: …Now, a new chain of free mental health clinics for vets has opened in five cities across the United States to fill the gap. The much-needed new treatment is underwritten

  5. Hedge funds flat in last week of November 'in sympathy with markets’[more]

    Komfie Manalo, Opalesque Asia: Hedge funds were close to flat in the last week of November in sympathy with markets, which took a pause ahead of the OPEC meeting and Italian referendum. The Lyxor Hedge Fund Index was -0.1% as of end November 29 (-1.7% YTD), according to the latest