Sony Says Entertainment Business Not for Sale

U.S. hedge fund billionaire Daniel Loeb proposed Tuesday that Sony Corp. spin off its entertainment arm — comprising its movie and music businesses — by taking up to 20 percent of the unit public.

In a letter to Sony Chief Executive Kazuo Hirai, Mr. Loeb, founder of the hedge fund Third Point, said that by listing the entertainment arm, Sony would be able to focus on unlocking the “considerable and underappreciated value” at its electronics business. He added that he sees as much as 60 percent upside to Sony shares if the company followed his proposals.

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