As expected, Sony Corp has rejected proposals from one of its shareholders to sell off a slice of its US-headquartered entertainment business, to generate cash to help fund the revival of the Japanese conglom's flagging consumer electronics operations, and to force the firm's music, movie and TV companies to be more transparent to shareholders.
The Sony top guard have long denied recurrent rumours that a sale of its entertainment assets is on the agenda, though when Daniel Loeb, whose Third Point hedge fund now controls just under 7% of Sony stock, proposed the partial sell-off (to float 20%), Sony chief Kazuo Hirai said it was an "important proposal" that his board would fully consider.
Posted on: 03/09/2013Categories: News from CMU Online