Third Point Adds Stakes In ViacomCBS And Amazon

Hedge Fund Makes Huge Play On Sony

Third Point, a $13 billion hedge fund founded by billionaire investor Daniel Loeb with a reputation as an activist investor, has proposed that Sony Corp. spin off its entertainment division via an IPO, saying the move could boost the Japanese electronics firm’s shares by as much as 60%. Third Point said it would put up $1.5-$2 billion to support a public offering for Sony Entertainment.