Loeb's Third Point building stake to pressure Sony
Investors are now searching for its next source of growth as Sony’s gaming business shows signs of slowing
Boston/ New York — Daniel Loeb’s hedge fund Third Pointis building a stake in Sony to push for changes, the second time in six years it has targeted the Japanese electronics maker, people familiar with the matter said on Monday. Once a market leader in consumer electronics, Sony is now in the midst of a turnaround effort spearheaded by Kenichiro Yoshida, its CEO who formerly served as its CFO. The maker of the iconic Walkman and Trinitron TV fell behind the likes of Apple in innovation after the release of the iPod in 2001 and the iPhone in 2007. Sony, over the past decade, has reinvented itself as an entertainment company with stable revenue from music content and its video-game platform. Investors are now searching for its next source of growth as Sony’s gaming business shows signs of slowing, with its popular PlayStation 4 (PS4) console nearing the end of its cycle. Third Point’s amassed stake in Sony thus far could not be learned. The hedge fund, which has about $14.5bn in a...
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