Sony on slide as split plan rejected

SHARES in Sony dropped almost 5% yesterday after the electronics giant rejected a proposal from the activist investor Daniel Loeb to partially spin off its entertainment business.

"The Sony board of directors has unanimously concluded that continuing to own 100 per cent of our entertainment business is the best path forward," Kazuo Hirai, the chief executive, wrote to Mr Loeb.

The billionaire's Third Point hedge fund has waged a three-month campaign to convince Sony to sell as much as one-fifth of its money-making entertainment arm - which is involved in movies, TV and music - to free up cash to revive the electronics business

The move angered the actor George Clooney, who called Mr Loeb a "hedge fund guy who describes himself as an activist but who knows nothing about our business".
 



Bayliss a fraction behind the win but still on top.

premium_icon Bayliss a fraction behind the win but still on top.

Ten year retirement hasn't slowed down Troy Bayliss

Homes, church spared from Severnlea blaze

Homes, church spared from Severnlea blaze

Firies were on scene quick and able to prevent damage to homes.

Driving Miss Adelaide takes the win at Leyburn Sprints

premium_icon Driving Miss Adelaide takes the win at Leyburn Sprints

Retro and vintage caravans took over Leyburn Sprints

Local Partners