Legal News

Sony Votes Down Loeb’s Proposal to Splinter the Business
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

Shareholder and self-proclaimed activist Daniel Loeb, who owns 7 percent of Sony, failed to convince Japan’s electronic and entertainment company from letting him splinter one-fifth of its entertainment arm into its own business. He proposed this to allow Sony’s faltering electronics division to gurney up some money to make them competitive against such foreign goliaths as South Korea’s Samsung Electronics Co Ltd and Apple Inc, who are at the moment battling each other for market dominance.

Instead, Sony voted anonymously to hold to their longstanding plan to maintain synergies between its content and electronics division, wishing not to change their vision – though some analysts dispute whether such a vision still holds water.

  
What
Where


“Sony’s board of directors has unanimously concluded that continuing to own 100 percent of our entertainment business is the best path forward and is integral to Sony’s strategy,” wrote Sony CEO Kazuo Hirai in a letter to Loeb, as Reuters reported.

Nonplussed, and still eager to make the sale and expand Third Point into something dependent, they responded saying “Third Point looks forward to an ongoing dialogue with management and intends to explore further options to create value for Sony shareholders.”

Since “creating value for shareholders” is what shareholders like most to hear, there might be some future for such dialogue, and Loeb’s influence have at least lead Sony increase the transparency of their entertainment business, updating their metrics with such things as quarterly updates on revenues.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!






 

Interesting Legal Sites You May Like


BCG FEATURED JOB

Locations:

Keyword:



Search Now

Mid-level Litigation Attorney with motions experience

USA-WA-Seattle

Seattle office of our client seeks mid-level litigation attorney with 3-5 years of experience, inclu...

Apply Now

Environmental /Land Use Attorney with 2-3 years of experience

USA-CA-San Francisco

San Francisco office of our client seeks environmental /land use attorney with 2-3 years of experien...

Apply Now

Litigation Attorney with 2-5 years of insurance defense experience

USA-FL-Jacksonville

Jacksonville office of our client seeks litigation attorney with 2-5 years of previous insurance def...

Apply Now

Tax Associate with Real Estate / Capital Markets Experience

USA-IL-Chicago

Chicago office is seeking a tax attorney with 3-5 years of experience. Significant experience in rea...

Apply Now

RELEVANT JOBS

LITIGATION ATTORNEY

USA-CA-Emeryville

Boutique East Bay litigation defense firm is seeking a junior to mid-level attorney. Candidates for ...

Apply now

Managing Director, Litigation Finance Investments

USA-FL-Tampa

Title                ...

Apply now

Contract Associate

USA-CA-Sausalito

Seeking lawyer with at least 2 yrs experience in complex real estate transactional matters, with wil...

Apply now

Senior Associate Attorney

USA-CA-Irvine

We are a boutique-sized law firm (6 attys) seeking a self-motivated litigation senior associate from...

Apply now

Most Popular

SEARCH IN ARCHIVE

To Top