Sony Corp CEO Kaz Hirai has told shareholders of the company that the board will “examine from all angles” a proposal to sell of a 15-20% stake in its entertainment division to new investors.
The proposal from Daniel Loeb of hedge fund Third Point was reiterated this week with him once again arguing that the firm should launch an initial public offering for 15-20% of its entertainment business.
The entertainment division encompasses Sony’s music and movie companies.
Loeb’s Third Point recently increased its stake in Sony from 6.5% to 6.9% - to reach a total of 70m shares - bolstering its position as one of the company’s largest shareholders.
“The entertainment businesses are very important to Sony, so this is a decision that is vital to Sony, not just today, but for its future,” Kaz Hirai (pictured) told shareholders when pressed on the matter yesterday, according to Billboard.
“It needs to be examined from all angles and fully discussed before any decision is made.”