Tuesday, May 14, 2013

Hedge Fund Manager Targets Sony for a Breakup



From Dealbook: An American hedge fund billionaire known for starting big fights has called for a breakup of the entertainment and electronic colossus Sony, according to people briefed on the matter, possibly setting off a battle that could roil Japan’s famously staid corporate culture.

The hedge fund manager, Daniel S. Loeb, is pressing Sony into spinning off part of its entertainment arm, which includes one of the biggest film studios in Hollywood and one of the largest music labels in the world, responsible for movies like “Skyfall” and artists like Taylor Swift.  Mr. Loeb — known for ousting Yahoo’s former CEO and poaching Marissa Mayer from Google to run the company — also signaled that he would accept a seat on Sony’s board. His hedge fund has quietly amassed a stake of about 6.5 percent in Sony, making it one of the biggest shareholders….

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