Sony experienced another box office disappointment with the release of "White House Down" over the weekend. The movie which stars Jamie Foxx and Channing Tatum opened at the box office at a mere $27.5 million which was noticeably below than the forecasted $30 million returns on opening week. This disappointment came at the heels of talks for a company spin off of as much as 20 percent.
Kazuo Hirai, Sony Corp's Chief Executive Office informed the shareholders that they are looking into proposal of the company's biggest shareholder, Daniel Loeb into spinning off the studio to gain more ground in the industry.
Talks have been underway regarding Loeb's proposal and the setback that it experience with the release of "White House Down" is highlighting the important factors that are entrenched with Loeb's proposal.
Loeb and Sony's shareholders are keeping a close eye on what is happening when it comes to box office sales as this affects the decision for the spin proposed by Loeb.
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