Sony Mulls Loeb Plan as Hirai Says Entertainment Crucial
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Sony Corp. Chief Executive Officer Kazuo Hirai said movies and music are crucial to the company’s revival as he spoke to investors three days after billionaire Daniel Loeb strengthened his push to spin off the businesses.
The board will use outside information to “thoroughly discuss” the proposal from Loeb’s Third Point LLC to sell as much as 20 percent of the entertainment assets, Hirai said at the annual shareholder meeting today. The stock is up 7.3 percent since Loeb announced his plan last month, which he bolstered on June 17 by increasing his Sony stake.