Thu, Mar 22, 2018
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. John Paulson, once the industry's largest hedge fund, to return some investors' money[more]

    Komfie Manalo, Opalesque Asia: John Paulson is reported to be retuning some of his investors' money as a number of his hedge funds continue to suffer setbacks, reports

  2. SEC charges Theranos CEO Holmes with fraud[more]

    Bailey McCann, Opalesque New York: The SEC has charged Elizabeth Holmes, founder and CEO of Theranos and its former President Ramesh "Sunny" Balwani with raising more than $700 million from investors through an elaborate, years-long fraud in which they exaggerated or made false statements about t

  3. Institutional Investors - Overdrawn pension fund scores gains[more]

    From Investments in big banks, pawn shops and rolling papers helped boost public safety workers' underfunded pensions this past calendar years, according to newly released figures. After recording middling returns in recent years, the Police & Fire Pension Fund (P&F) notched

  4. Hot hedge fund loses 21% after bet on volatility goes wrong[more]

    From In December, Shahraab Ahmad shared with his hedge fund clients the principle that helped him trounce peers for two turbulent decades: steer clear of the crowd. He'd turned $50 million into an operation with more than $700 million over three years and delivered market-beating retu

  5. Opalesque Exclusive: Northern Trust builds on blockchain-backed private equity solution[more]

    Bailey McCann, Opalesque New York: Private equity clients at Northern Trust can now carry out audits of private equity lifecycle events directly from the blockchain. Northern Trust, working with PwC and other audit firms in Guernsey, has added this feature to its existing solution set for private