- Daniel Loeb’s hedge fund Third Point LLC is building a stake in Sony Corp to push for changes that include shedding some businesses, the second time in six years it has targeted the Japanese electronics maker, people familiar with the matter said on Monday.
The maker of the iconic Walkman and Trinitron TV fell behind the likes of Apple Inc in innovation after the release of the iPod in 2001 and the iPhone in 2007. Sony over the past decade has reinvented itself as an entertainment company with stable revenue from music content and its video game platform.
Third Point wants Sony to explore options for some of its business units, including its movie studio, which the hedge fund believes has attracted takeover interest from the likes of Amazon.com Inc and Netflix Inc, the sources said. The hedge fund also wants clarity on how Sony’s semiconductor and insurance divisions fit in with the rest of the company, the sources added.
Sony reported lower-than-expected profit in February, dragged down by its previously thriving gaming business, even as a one-off gain related to its acquisition of music publisher EMI pushed the quarterly result to a record high. Later Loeb changed his tune, praising the company for cutting costs at the entertainment division and having made management changes.Sony has already sold off its ailing personal computer division and streamlined its television and smartphone businesses. In taking aim at Sony’s commitment to the entertainment business, however, Third Point may be facing an uphill struggle.
Loeb is no stranger to challenging companies with long odds of success. Last year, he sought to oust the entire board of Campbell Soup Co, despite the founding family’s members controlling much of the U.S. food company. He ended up settling for two board seats.
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