Sony rejects Loeb鈥檚 proposal
Print Edition
Sony’s board has unanimously rejected a United States hedge fund manager’s proposal that it sell part of its entertainment business.
In a letter to Third Point CEO Daniel Loeb, Sony said continuing to own 100 percent of Sony Pictures and Sony Music is “fundamental” to the company’s success.
Besides distributing blockbuster movies such as the James Bond hit “Skyfall,” Sony’s entertainment units make popular TV shows, including “Community” for NBC and “Breaking Bad” for AMC. Notable Sony Music artists include Beyonce, Adele, Bob Dylan and Kenny Chesney. Sony operates 124 pay TV channels in more than 159 countries.
Sony’s letter, which it released yesterday, said content is increasing in value and the entertainment business will benefit over time from the proliferation of new distribution platforms, high-speed Internet access and mobile devices.
Loeb, who is known for shaking up Yahoo Inc, wrote to Sony Corp in May proposing the sale of up to 20 percent of the movie and music division.
Loeb said money from the sale should be used to strengthen Sony’s ailing electronics arm which has suffered for years from competition in the global TV manufacturing business.
Sony’s initial response was guarded but some analysts embraced the proposal as a way for the company to unlock unrealized value.
Sony said in the letter it can raise money from other sources if needed. Third Point owns about 6.5 percent of Sony.
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