Sony Rejects Hedge Fund's Entertainment Spinoff Proposal

Law360, Los Angeles (August 5, 2013, 10:07 PM EDT) -- Electronics giant Sony Corp. on Tuesday spurned activist investor Daniel Loeb's spinoff proposal in a unanimous vote by its board of directors, telling Loeb in a letter that its entertainment unit is not for sale. 

The vote affirmed Sony's position on its entertainment divisions, which CEO Kazuo Hira has told shareholders are pivotal pieces in the sputtering company’s long-range vision to recoup losses and reclaim its position as a global market power.

Loeb, whose New York-based hedge fund Third Point LLC owns a 7 percent minority...
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