New York (HedgeCo.Net) – Sony Corp has rejected Daniel Loeb’s idea for a spinoff of part of Sony’s entertainment arm that would have included a Hollywood movie studio and music business. The board unanimously rejected the deal.
“The Sony board of directors has unanimously concluded that continuing to own 100 per cent of our entertainment business is the best path forward and is integral to Sony’s strategy,” the president of Sony, Kazuo Hirai, said in a letter to hedge fund billionaire Daniel Loeb today.
Loeb responded by saying that he will continue talking with Sony Corp and explore further options: ”Third Point looks forward to an ongoing dialogue with management and intends to explore further options to create value for Sony shareholders.”
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