Monday, June 17, 2013

Reuters: Technology News: Third Point raises Sony stake, presses for entertainment spin-off

Posted by Isabella on 6:49 PM

Reuters: Technology News
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Third Point raises Sony stake, presses for entertainment spin-off
Jun 18th 2013, 01:06

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A staff of Sony Corp is seen at its showroom at a business district in Tokyo December 9, 2008. REUTERS/Kim Kyung-Hoon

A staff of Sony Corp is seen at its showroom at a business district in Tokyo December 9, 2008.

Credit: Reuters/Kim Kyung-Hoon

TOKYO | Mon Jun 17, 2013 8:18pm EDT

TOKYO (Reuters) - New York-based hedge fund company Third Point said on Tuesday that it had raised its stake in Sony Corp and asked for an opportunity to present its proposal for a partial spin-off of the company's entertainment unit to Sony's board.

In a letter to Sony Chief Executive Kazuo Hirai, Third Point said it had increased its stake in Sony to 70 million shares, valued at $1.4 billion.

"Given our large stake, we reiterate our offer to serve on Sony's board of directors," the fund said in its letter reviewed by Reuters.

(Reporting by Chikafumi Hodo; Editing by Chris Gallagher)

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