Citi, Morgan Stanley To Review Loeb's Sony Plan

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.


In Depth

Q&A: Schroders’ Forest Discusses Multi-Asset Investments On Eve Of U.S. Launch

Jul 17 2014 | 8:05am ET

Global investment manager Schroders has $446 billion in assets under management, $...

Lifestyle

Einhorns Busts At WSOP, Finishes In 173rd

Jul 15 2014 | 10:48am ET

Greenlight Capital founder David Einhorn’s World Series of Poker won’t end at...

Guest Contributor

Common Risk Parity Misperceptions

Jul 16 2014 | 11:02am ET

Over the past few years, risk parity has become a component of most investors’...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note