Monday, August 12, 2013

Why is Sony still in the entertainment business?


Sony slammed the door in the face of a major shareholder last week when it rejected billionaire investor Daniel Loeb's proposal to spin off part of the company's entertainment business. Loeb, whose Third Point LLC hedge fund owns nearly 7 percent of Sony, had suggested selling between 15 to 20 percent of the music and film divisions in order to raise capital, sharpen the company's focus, and boost its long-suffering stock price. But CEO and president Kazuo Hirai, in an open letter to Loeb, says the company's board unanimously voted against the proposal and called 100 percent ownership of the divisions "fundamental to Sony's success."


Continue reading…






via The Verge - All Posts http://www.theverge.com/2013/8/12/4613744/why-did-sony-reject-entertainment-spinoff-proposal

No comments:

Post a Comment