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.


In Depth

Israeli Hedge Fund Harnesses Big Data

Jul 28 2014 | 8:10am ET

Apica Green is a multi-million dollar Israeli hedge fund that is based in Tel Aviv...

Lifestyle

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Guest Contributor

Compelling Opportunities In The Alternatives Space

Jul 29 2014 | 9:33am ET

In an environment where many asset classes seem expensive by historical standards...

 

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