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Tuesday, August 06, 2013
Sony Rejects Proposal to Spin Off Entertainment Unit

Sony Corp on Tuesday rejected a proposal from shareholder Daniel Loeb to spin off its entertainment business but the billionaire investor vowed to keep talking with the company and to explore other options.

Sony said demand for content was increasing its value in a dynamic industry environment characterized by emerging distribution platforms and the proliferation of both powerful mobile devices and access to broadband. Sony believes its entertainment businesses will increasingly benefit from these trends, and the Company?s shareholders will benefit from owning all, rather than a part, of these valuable assets.

In addition, full control of Sony?s entertainment businesses drives internal collaboration, facilitates synergies, and allows the Company to be more nimble. Sony believes that the opportunities for collaboration among Sony?s businesses are numerous and increasing, and a rights or public offering would create the need for otherwise unnecessary and burdensome arm's length intercompany relationships as a result of minority shareholder rights, thereby limiting Sony's control and strategic flexibility.

Loeb's Third Point LLC hedge fund has waged a three-month campaign to convince the company to sell as much as one-fifth of its money-making entertainment arm - movies, TV and music - to free up cash to revive the electronics business.

Loeb said he was disappointed with the decision, even while acknowledging that Sony was showing a greater commitment to transparency.

"Third Point looks forward to an ongoing dialogue with management and intends to explore further options to create value for Sony shareholders," Third Point said in a statement.

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