Sony Rejects Loeb’s Proposal For Chip Biz Spinoff

Sony Rejects Push To Sell Entertainment Biz

Sony Corp. turned down billionaire Daniel Loeb’s call to sell a portion of its entertainment business, saying 100% ownership of the film and music units is crucial to the company’s success.

Investor Loeb Reiterates Call For Sony Spinoff

Activist investor Daniel Loeb, the chief executive of hedge fund Third Point, has turned up the heat on Sony Corp. in his call for the electronics and media giant to make an initial public stock offering of up to 20% of its entertainment arm.

Sony CEO Defends Against Breakup

Sony Corp. Chief Executive Kazuo Hirai on Thursday defended the company’s ownership of an electronics-gear business and entertainment operations under one roof — a corporate mix that has come under assault from hedge-fund investor Daniel Loeb.