Media

Loeb Raises His Sony Stake, Drive for Entertainment IPO

Published on June 18, 2013
by Dana Cimilluca

Hedge-fund investor Daniel Loeb’s firm has boosted its stake in Sony Corp., ratcheting up a campaign to persuade the Japanese electronics company to launch an initial public offering of its entertainment division.

On Tuesday morning in Tokyo, Mr. Loeb’s Third Point LLC sent a letter from him to Sony Chief Executive Kazuo Hirai that reiterated the billionaire investor’s argument that Sony should sell a 15 percent to 20 percent stake in its entertainment arm, which comprises the company’s well-known movie and music businesses.

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