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Hedgie to pitch Sony to sell off the entertainment division




Hedge fund activist Dan Loeb gives up a 200-page presentation to push Japanese electronics maker Sony to explore a sale of Sony Pictures, which owns the movie prizes "Spider-Man" and "Men in Black" Posten has learned.

Loeb's presentation will also claim that Sony, the producer of PlayStation, was spinning its insurance and semiconductor division, a source of knowledge of hedge plans, The Post told The Post.

Pressure comes in the midst of chatting as Amazon's Jeff Bezos has personally reached Sony Pictures head Tony Vinciquerra to let it be known that Amazon is interested in buying the division, a source of knowledge of the situation said.

Another source of direct knowledge of discussions said the discussions between the two media giants ended last year after exhausting a number of opportunities, from a partnership to a direct sale.

It has not stopped Loeb's third-point management hedge fund from raising $ 1[ads1] billion through a special insurance company to buy Sony shares, sources say.

The news of Loeb's interest in Sony, first reported by Reuters, sent Sony's shares up 8.2 percent to close at $ 46.6 on Monday. 19659002] But the company is not likely to share with its film business, which boasts the comedy series "Seinfeld" and movies made by Columbia Pictures without a fight.

In January, Sony CEO Shuhei Yoshida told the CES tech conference in Las Vegas that the film studio is a priority for the electronics company. He also suggested that Sony could plan its own streaming service to compete with Netflix and Amazon – using Sony's PlayStation Network entertainment hub.

Yoshida called PlayStation Network "a very strong entertainment platform for all of Sony – very suitable for video and music content."

"They are in the midst of a turnaround" and are not interested in selling to Amazon, a source familiar with Sony's thinking.

Loeb's third-point hedge fund, which manages $ 14.5 billion in assets, pushed for a sale of Sony Pictures once before – in 2013.

He went richer but without sales. The 57-year-old hedgi has also had personal shots from Hollywood insiders who came to Son's defenses, including actor George Clooney, who blew up the hedgi as a "carpet bag" who "tries to manipulate the market."

Nevertheless, Sony may be more susceptible to some of Loeb's claims under the new CEO, which took over in April last year, according to a major and significant Sony shareholder.

"Yoshida's background is more economical," said the shareholder about the CEO, who used to be the Sony CFO.

"I think he'll sell what doesn't have an 8 percent margin or better, if the price is right," said the shareholder The Post.

"As a financier, Yoshida will try to push margins and EPS higher through stock purchases. I've heard that he has a goal of $ 100 [stock price] in his thoughts" about double the current price, the shareholder said.

Amazon did not return calls. Sony and Loeb refused to comment.



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