The company’s U.S. stock closed +9.3% today — at $22.91, the highest it’s been since late 2011 — in unusually heavy trading after Japan’s Nikkei news service reported that Sony‘s board will explore the proposal from billionaire Daniel Loeb‘s Third Point. Sony was noncommittal last week when the hedge fund disclosed that it had paid $1.1B for a 6.4% stake in the electronics giant, and wanted it to create a separate stock for the movie, television, and music production and distribution operations. Loeb proposed that Sony sell as much as 20% of the entertainment unit, and use the cash to shore up the core electronics businesses. Sony shares have appreciated about 16% since then. (Third Point partnered with Deadline’s parent Penske Media Corp in its acquisition last year of Variety.)
By DAVID LIEBERMAN, Financial Editor | Tuesday May 21, 2013 @ 4:26pm EDTTags: Big Deals Film, Big Deals TV, Daniel Loeb, Sony, Third Point
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This article was printed from http://www.deadline.com/2013/05/sony-stock-rise-board-consider-entertainment-spinoff/