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Hedge fund billionaire Loeb says Sony reminds him of Yahoo

Money Control – Billionaire hedge fund manager Daniel Loeb says Sony Corp reminds him of Yahoo Inc before he waged a bitter proxy fight that triggered a boardroom shake-out at the Internet company last year.

Loeb’s Third Point hedge fund has built up a USD 1.1 billion stake in Sony, making it the Japanese group’s biggest shareholder, and Loeb said on Tuesday he was pushing Sony to sell up to a fifth of its profitable music and movie business in a move he says would help turn around its struggling electronics business.

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