Posted by: youngragingbull | May 14, 2013

Hedge fund looks to breakup Sony

A U.S. hedge fund run by Daniel Loeb has accumulated a 6.5% stake in Sony Corp. and has called for a breakup of the Japanese electronics major, according to a report in The New York Times.

Loeb, the founder of hedge fund Third Point, is pressing Sony to spin off its entertainment arm, which includes one of Hollywood’s biggest film studios and one of the world’s largest music labels.

Loeb reportedly flew to Tokyo over the weekend for three days of meetings with government officials, regulators and senior Sony executives.

He hand-delivered a letter on Tuesday to Sony’s Chief Executive Kazuo Hirai, which reportedly praises the company’s turnaround effort but asks for more.

Sony shares ended 1.2% higher in Tokyo on Tuesday amid modest trading volumes.

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