Sony Takes Cautious Approach To Third Point Spin-Off Bid

Jun 20 2013 | 11:36am ET

Third Point's proposal to partially spin-off Sony Corp.'s entertainment business was not on the agenda at today's annual shareholder meeting. But CEO Kazuo Hirai still managed to make clear that his is not a fan of the suggestion.

Speaking to shareholders at the Tokyo gathering, Hirai said that Sony Entertainment "plays an important role in Sony's future growth."

"This proposal strikes at the heart of what kind of company Sony ultimately will become in the future," he said. "We intend to take our time discussing it."

Third Point has pushed for a spin-off of up to 20% of Sony Entertainment. The hedge fund this week increased its stake in the electronics giant to about 7%, making it the company's largest investor, and again sought a board seat. Sony added three members to its board at the meeting.

Third Point founder Daniel Loeb did not attend today's gathering.

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