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Sony may consider investor’s proposals to spin off entertainment
By Chris Cooke | Published on Wednesday 22 May 2013
According to Japanese newspaper Nikkei, Sony Corp is now considering looking into the previously reported proposal by one of its key shareholders to sell a slice of the firm’s US-based entertainments division.
There has been speculation for sometime that the Tokyo-based electronics and entertainment giant may sell off some or all of its music, film and television interests, most of which have generally being doing OK in recent years, in order to raise cash to help the flagging electronics side of the group stage a recovery. Though Sony top guard have in the main always denied such rumours.
But earlier this month, hedge funder Daniel Loeb, whose Third Point company now owns 6.5% of Sony Corp, put a plan to the firm’s management to sell up to 20% of the Sony entertainment business, mainly to existing Sony Corp backers, in order to free up funds to help speed up the slow recovery of Sony Consumer Electronics.
Sony has so far refused to comment on Loeb’s proposals or the new reports that they are actually being considered, though it does seem that even if some consideration is being give to investigating the Loeb plan, it’s very much early days as yet.
