Sony CEO Calls Third Point Push 'A Good Thing'

Sep 20 2013 | 10:22am ET

Having turned aside Third Point's push to spin-off part of its entertainment business, Sony Corp. CEO Kazuo Hirai is feeling magnanimous in victory.

The electronics giant's chief heaped praise on Third Point's activist campaign, saying it helped Sony. The comments are a far cry from the usual reception activists get in Japan, where few if any campaigns have succeeded, and Japan's close-knit corporate community closes ranks against attack.

"Dan Loeb and Third Point shed a light on the entertainment properties that we've been trying to shed a light on for the longest time," Hirai told The Wall Street Journal. "It’s actually a good thing."

Third Point had pushed for Sony to take its entertainment division public, retaining a majority stake but forcing it to improve transparency. The company rejected that approach last month, but said it would disclose more information about the business.

Loeb's approach was markedly more conciliatory than most activist campaigns in Japan, although he became more strident as the months wore on. Still, his personal touch appears to have worked, to some extent.

"I have a fairly good relationship with the folks from Third Point, including Dan," Hirai said. "If I get a nice letter pointing out some issues that he thinks are legitimate, then why should I be combative?"


In Depth

Why Ponzi Schemes Work: An In-Depth Look At The Allen Stanford Fraud

Dec 21 2014 | 10:30am ET

Texan Allen Stanford first appeared on the radars of financial regulators in 1997...

Lifestyle

Hedgie Funds US Squash Program

Dec 24 2014 | 8:46am ET

Squash, anyone?

Guest Contributor

EidoSearch’s Top Three Market Projections For 2015

Dec 23 2014 | 4:03am ET

It is that time of year again when prognosticators make their big market calls for...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.