Third Point CEO Daniel Loeb, who has led investments of over $1 billion in Sony Corp., wants Sony to “partially spin-off” its Sony Entertainment business that includes music publishing, cable networks, and movies/TV shows. The remaining businesses of Sony Corp. would be the PlayStation business, cameras, smartphones, laptops and TVs.
“Like many conglomerates we have invested in previously, Sony has two strong businesses facing different challenges side by side, each obscuring the other’s true worth,” explained Loeb.
Loeb proposes an option for owning Sony Entertainment more directly, a move that Loeb is willing to personally oversee. “Beyond Third Point’s willingness to help facilitate a public offering for Sony Entertainment, we offer our assistance to implement our proposal and would gladly accept a seat on Sony’s Board of Directors,” Loeb said.
Source: The New York Times
