American hedge find billionaire Daniel S. Loeb is seeking to have Sony spin off its entertainment unit. The unit includes one of the largest and most prolific studios in Hollywood and one of the largest music labels in the world.
Loeb is known to start big fights and his current call to break up the monolithic Sony could set off the largest corporate fight that could shake the very foundations of the Japanese staid corporate culture and governance.
The hedge fund manager is best known for ousting Yahoo's former CEO and replacing her with Marissa Mayer from Google. Loeb had indicated an interest to sit on the board of directors of the conglomerate, as his hedge fund has accumulated nearly 6.5% of Sony, thus making them one of the biggest shareholders in the Japanese firm.
Third Point is Loeb's investment hedge fund and the move would certainly be met with resistance as Japanese investors often refuse to make changes within a company, all the more at the instigation of a foreign hedge fund.
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