Third Point Targets Sony, Seeks Spin-Offs

May 14 2013 | 11:25am ET

Shareholder activism has failed to sway the Japanese companies that have been its targets, but Third Point's Dan Loeb isn't discouraged.

The New York hedge fund manager today announced a US$1.1 billion stake in Sony and quickly called for the company to spin-off part of its entertainment business. Loeb also indicated that he'd accept a seat on Sony's board of directors.


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