Sunday, 19 April 2015
Last updated 12 hours ago
May 31 2013 | 12:09pm ET
Sony has hired a pair of investment banks to help it consider Third Point's proposal that it spin-off its entertainment unit.
The Japanese conglomerate is working with Citigroup and Morgan Stanley, Bloomberg News reports. Sony will look closely at the proposal, made by Third Point's Dan Loeb earlier this month, CEO Kazuo Hirai said.
"It's something that needs to be discussed at the board level and discussed thoroughly," Hirai said.
Third Point, which owns a 6% stake in Sony, is pushing the company to hold an initial public offering for up to 20% of Sony Entertainment. Loeb also wants the company to slash costs in its flagship electronics division and to cut back on other non-core investments.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…