SENSEX NIFTY
May 22, 2013, 09.39 AM IST | Source: Reuters

Sony to assess spin-off proposal for entertainment business

Sony's US listed shares rose nine percent on Tuesday on the New York Stock Exchange.

Sony to assess spin-off proposal for entertainment business

Sony Corp is considering evaluating a proposal from top shareholder Third Point LLC to spin off part of its movie and music business, Japanese daily Nikkei reported.

Sony's US listed shares rose nine percent on Tuesday on the New York Stock Exchange.

Also read: New Xbox more than a game console for Microsoft

Billionaire hedge fund investor Daniel Loeb last week called on the company to spin off its lucrative entertainment arm, setting the stage for a clash between his activist Wall Street fund and management at the Japanese electronics maker.

Sony declined to comment when contacted by Reuters.

Loeb said his Third Point hedge fund had accumulated a little more than six percent of Sony's shares - a stake worth USD 1.1 billion - making it the largest stakeholder in the inventor of the Walkman portable music player and Trinitron TV.

Sony shares were trading at USD 22.87 in afternoon trading.

ADS BY GOOGLE

video of the day

Expect another 10-15% returns till next Budget: Kotak

Explore Moneycontrol

Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.