Blockchain, Crypto , Finance

Sony turns down Loeb offer to sell off entertainment arm.

Sony turned down a proposal by one of its biggest shareholders, hedge fund Third Point, to sell off part of its entertainment division.

The founder of the fund Daniel Loeb had called for cash from the move to be used to boost Sony’s electronics arm.
However, Sony said that the company and its shareholders would benefit from “owning all, rather than a part” of the division as demand for entertainment content increased in value across different platforms.

After Loeb’s proposal was rejected, Sony’s shares fell as much as 5%.
Mr Loeb’s fund, which owns nearly 7% of Sony’s shares, said that it would continue to carry out dialogue with Sony’s management and explore further options with the company.

Earlier this month, Sony reported a jump in earnings for the April-to-June quarter. It made a net profit of 3.5bn yen ($35m; £23m) in the quarter, reversing a loss of 24.6bn yen last year. Its Pictures division made a profit of 3.7bn yen during the period, reversing a loss of 4.9bn yen last year, while its music unit saw its operating profit rise to 10.8bn yen, from 7.3bn yen a year earlier.