Report: Hedge Fund Wants Sony To Spin Off Music Division
May 14, 2013 at 3:59 AM (PT)
Hedge fund manager DAN LOEB has his sights set on SONY, and may want to spin off SONY's movie and music division. "LOEB's hedge fund is now one of SONY's largest shareholders, and on TUESDAY the firm delivered a letter to SONY CEO KAZUO HIRAI," reports CNN MONEY.
"While THIRD POINT supports your agenda for change, we also believe that to succeed, SONY must focus," LOEB wrote. "In a spirit of partnership, we offer our timely plan to strengthen SONY."
The report says LOEB wants SONY to separate SONY ENTERTAINMENT from its consumer electronics business, which has struggled as of late.
A SONY spokeswoman told CNN that the entertainment business was off limits. "As Pres./CEO KAZUO HIRAI has said repeatedly, the entertainment businesses are important contributors to SONY's growth and are not for sale. We look forward to continuing constructive dialogue with our shareholders as we pursue our strategy," she said.