Third Point raises Sony stake, presses for entertainment spin-off

New York-based hedge fund company Third Point said it had raised its stake in Japan’s Sony and asked for an opportunity to present its proposal to Sony’s board for a partial spin-off of the company’s entertainment unit.

The move comes after Third Point, a US$13 billion hedge fund founded by billionaire investor Daniel Loeb, last month proposed that the struggling electronics maker conduct an initial public offering for its profitable music and movie business, saying it could boost Sony’s share price by as much as 60 per cent.

via Business feed http://www.scmp.com/business/companies/article/1263554/third-point-raises-sony-stake-presses-entertainment-spin