Sony Corp shares surged more than 7 percent in early trade on Tuesday after Reut...
FILE PHOTO: A shopper looks at Sony Corp's Bravia television monitors at an electronics store in Tokyo June 20, 2013. REUTERS/Issei Kato
TOKYO - Sony Corp shares surged more than 7 percent in early trade on Tuesday after Reuters reported that Daniel Loeb’s hedge fund, Third Point LLC, was again building a stake in the Japanese electronics conglomerate to push for changes. Third Point, which has about $14.5 billion in assets under management, is raising a dedicated investment vehicle to target between $500 million and $1 billion in capital, so it can buy more Sony shares, people familiar with the matter said.Sony shares rallied to a three-week high at the start of Tokyo trade, recovering from a slump last month triggered by concerns that its turnaround in the past few years had lost momentum.
The fund wants Sony to explore options for some of its business units, including its movie studio, which the fund believes has attracted takeover interest from the likes of Amazon.com Inc and Netflix Inc, the sources said.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Exclusive: Loeb's Third Point building stake to pressure Sony - sourcesDaniel Loeb's hedge fund Third Point LLC is building a stake in Sony Corp t...
Read more »
Sony surges on report Third Point's Daniel Loeb is targeting the company once again, building stakeShares of Japanese electronics conglomerate Sony surged Monday after a report that Daniel Loeb's hedge fund Third Point is building a stake.
Read more »
Loeb’s Sony sequel has makings of a blockbusterThe activist behind Third Point is building a stake in Sony and getting the Japanese group to sell its movie studio could be part of the plan, Reuters reported. The media landscape has changed since Dan Loeb last tried to break Sony up. The idea looks ready for prime time.
Read more »
Sony and Chicken Soup for the Soul Entertainment are launching a joint AVOD venture, Crackle PlusSony Pictures Television has sold its stake in the AVOD service Crackle to CSS Entertainment, and will together to launch new JV called Crackle Plus.
Read more »
Sony is on the verge of announcing a new PlayStation — here are 5 crucial things it needs to do to stay on topWith new consoles in the near future, we're looking at what Sony needs to maintain dominance of the video game industry with its next PlayStation.
Read more »
I kept hearing about these 'Bose killer' headphones. So I finally tried them out, and they're seriously good.The Sony WH-1000 XM3 headphones are worthy adversaries for the Bose QC35 — here's how to know which pair is best for you.
Read more »
Although transgender workers face steep barriers, corporate America wants to hire themLocal organizations are fielding more requests from companies to provide inclusivity training as state legislation pushes workplaces to become inclusive. In Los Angeles, a recent job fair for the transgender community drew corporate giants such as Hilton, Sony, Starbucks and Viacom.
Read more »
Sony surges on report Third Point's Daniel Loeb is targeting the company once again, building stakeShares of Japanese electronics conglomerate Sony surged Monday after a report that Daniel Loeb's hedge fund Third Point is building a stake.
Read more »
Exclusive: Loeb's Third Point building stake to pressure Sony - sourcesDaniel Loeb's hedge fund Third Point LLC is building a stake in Sony Corp t...
Read more »