US billionaire’s hedge fund dumps Sony stake

Business Times – US billionaire Daniel Loeb who last year tried to push Sony to spin off a key part of its business, has sold his shares in the struggling firm saying “more urgency will be necessary” to get it back on track.

Mr Loeb’s Third Point hedge fund failed to persuade Sony to hive off up to 20 per cent of its successful US-based entertainment division, which includes a Hollywood studio and music label, to make it more profitable.

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