Reuters: Technology News: Sony to assess spin-off proposal for entertainment business: Nikkei

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Sony to assess spin-off proposal for entertainment business: Nikkei May 21st 2013, 19:59 Tweet Share this Email Print Related News RPT-Fitch: Loeb's spin-off call not a solution for Sony credit woes Thu, May 16 2013 Hedge funds shop at Supervalu, sour on Apple Wed, May 15 2013 Hedge fund billionaire Loeb says Sony reminds him of Yahoo Wed, May 15 2013 Nikkei climbs to new 5-1/2-year high, ends above 15,000; Sony soars Wed, May 15 2013 CORRECTED-UPDATE 3-U.S. hedge fund calls for Sony Entertainment spin-off Tue, May 14 2013 Analysis & Opinion Dan Loeb‘s breakup plan deserves Sony’s ear The silliness of valuing hedge funds The logo of Sony Corp. is seen at an electronics store in Tokyo May 9, 2013. Credit: Reuters/Toru Hanai Tue May 21, 2013 3:59pm EDT (Reuters) - Sony Corp is considering evaluating a proposal from top shareholder Third Point LLC to spin off part of its movie and music business, Japanese daily Nikkei reported. Sony's U.S. listed shares rose 9 percent on Tuesday on the New York Stock Exchange. Billionaire hedge fund investor Daniel Loeb last week called on the company to spin off its lucrative entertainment arm, setting the stage for a clash between his activist Wall Street fund and management at the Japanese electronics maker. Sony declined to comment when contacted by Reuters. Loeb said his Third Point hedge fund had accumulated a little more than 6 percent of Sony's shares - a stake worth $1.1 billion - making it the largest stakeholder in the inventor of the Walkman portable music player and Trinitron TV. Sony shares were trading at $22.87 in afternoon trading. (Reporting by Chandni Doulatramani in Bangalore; Editing by Saumyadeb Chakrabarty) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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