Sony Pursuing Loeb Proposal By Hiring Morgan Stanley, Citigroup
This could be big.
After billionaire hedge fund investor Daniel S. Loeb proposed that Sony split the company apart, it seems the electronics giant is moving forward with that suggestion.
According to a new Bloomberg report, Sony has tapped financial firms Morgan Stanley and Citigroup to help with the split that would result in Sony's entertainment business obtaining its own IPO. Loeb believes this move will let the "hidden gem" that is Sony's entertainment division shine. Sony CEO Kaz Hirai has said they were considering the plan, although "it's only a start." Guess we'll have to see if Loeb and the other stockholders make more money...
It's "premature to speculate on the board's decision" at this point but we know the subject has been seriously discussed.
5/31/2013 11:09:11 AM Ben Dutka