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Loeb sells Sony shares
Posted By richm On 22-10-2014 @ 11:17 am In News | Comments Disabled
The founder of New York-based hedge fund Third Point has secured a 20% return on his investment in Sony Corp just over a year after calling for the company to be split up.
[1]Daniel Loeb said in a letter to investors yesterday that he had sold his shares in Sony after months of arguing that Sony Pictures Entertainment (SPE) should be split from the firm’s electronics unit.
Loeb, who had at one stage held 7% of Sony’s shares, has been a vocal critic of the company and wrote an open letter [2] in August 2013 calling on the firm’s management to spin off its entertainment division.
Sony Corp chief executive Kazuo Hirai ended speculation [3] of such a move in June by confirming the Japanese consumer electronics company would not be carving up the firm, but subsequent cuts were made to staffing.
However, Loeb said he believed further changes were needed across Sony’s TV and computing businesses to secure future growth.
SPE includes production and distribution outfit Sony Pictures Television (SPT), which has 18 wholly owned or joint-venture production companies in 13 countries outside the US. SPT’s worldwide TV networks portfolio includes 124 channel feeds available in 159 countries, reaching more than 840 million households.
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[1] Image: https://www.zodiakrights.com/brand/8056/the-operatives--series-1
[2] wrote an open letter: https://www.c21media.net/sony-rules-out-corporate-split/
[3] ended speculation: https://www.c21media.net/sony-not-splitting-up-business
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