SOCIAL MEDIA
Sony CE Lynton to take up top post at Snapchat
Snapchat app owner Snap is expected to go public early in 2017, vying for a $25bn valuation
Los Angeles — Sony Entertainment CE Michael Lynton will step down to become chairman of the board of messaging app owner Snap, a move that puts an experienced Hollywood executive in a prominent role as the technology company prepares for an initial public offering. Lynton will give up his current position at Sony’s movie and television unit on February 2 but remain as co-CEO for six months to help find a successor, Japanese conglomerate Sony said in a statement on Friday. Snap, the owner of the popular Snapchat app, is expected to go public early in 2017, vying for a $25bn valuation. Lynton was an early investor in the company co-founded by 26-year-old CEO Evan Spiegel and has served on its board for nearly four years.
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