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Third Point Shuffles Sony Shares But It Remains A “Core” Investment

By | Tuesday February 18, 2014 @ 11:42am PST

There’s less than meets the eye to a regulatory filing in Japan that seemed to show that hedge fund Third Point is no longer one of the top 10 investors in Sony. sony_logo__121101084843-200x133__130207090832__130530213852The filing, first reported by Reuters, appeared to indicate that fund manager Daniel Loeb is retreating after the company in August rebuffed his proposal urging it to spin off a minority stake in its movie, TV and music entertainment assets. But Third Point fell off the top 10 list because it shifted shares to different names, and into swaps that are not reported, I’m told. The changes give the fund more flexibility to maneuver outside the public eye, although it’s still in close contact with Daniel LoebSony management. Last month Loeb told his clients in a report that Sony remained one of Third Point’s “current core investments” (with Softbank and T-Mobile) and that he saw “the potential for increased value in 2014.” Sony’s rejection of his proposal “proved costly for shareholders” leading the company’s stock to “trade significantly below their sum of the parts valuation.” Sony’s U.S. shares are +21% for the last 12 months but -13% in the last six months. Still, Loeb said that he had “high hopes for CEO [Kazuo] Hirai and his lieutenants to continue their path towards greater profitability and to make difficult decisions when necessary to reach those goals.” The fund … Read More »

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Sony Hires Consultant To Find $100M In Cost Cuts In Entertainment Unit: Report

By | Monday November 18, 2013 @ 2:33pm PST

The movie, TV and music operation plans to tell investors on Thursday that it has hired Bain & Co to find ways to cut $100M, a sum that “would almost assuredly result in layoffs,” The New York Times reports citing unnamed sources. “As part of a nearly four year process of increasing fiscal discipline, Sony Pictures is conducting a review of its business to identify further efficiencies,” says Sony Entertainment‘s Charles Sipkins. “Our objective is, and always has been, to operate an efficient studio that is uniquely positioned to capitalize on future growth opportunities.” Sony Entertainment CEO Michael Lynton will lead the Culver City meeting this week, a follow-up to a promise that CEO Kazuo Hirai made in August to Third Point CEO Daniel Loeb: After rejecting the hedge fund owner’s proposal to create a new stock for entertainment and sell a minority stake to the public, Hirai said that he would ”increase disclosure regarding Sony’s entertainment businesses. We agree this can help market participants analyze their performance and monitor their success.” Loeb stung the company over the summer, charging that Sony “has plenty of reasons to worry about Entertainment,” which he said generated lower profit margins than its competitors. George Clooney came to Sony’s defense in a conversation with my colleague Mike Fleming Jr, calling Loeb a “carpetbagger.” Hirai said that the board “unanimously concluded that continuing to own 100% of our entertainment business is the best path … Read More »

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Daniel Loeb Says He And George Clooney Want Same Things For Sony

The CEO of Third Point says that George Clooney was “a little hyperbolic” in August when the actor — in an interview with my colleague Mike Fleming Jr – defended Sony Entertainment execs from the hedge fund manager’s attacks. Daniel Loeb just told The New York Times’ DealBook’s Opportunities for Tomorrow Conference that Clooney “misinterpreted” the effort to persuade Sony to divest a minority stake in its movie, TV and music properties: He and Clooney want the same thing, Loeb says, “less spending on overhead and more on films.” Indeed, Loeb says, “I’d love to meet [Clooney] some time and talk these things over.” Sony rejected the investor’s stock sale proposal, but he says that he’s satisfied with the outcome of his campaign. “The reason we wanted the spin off is because we wanted transparency” — which he expects to see later this month when Sony Entertainment execs plan to meet with investors. “I see that as a great outcome for us.” Loeb also says he has “a good relationship” with Sony CEO Kazuo Hirai, who he has met twice including at a breakfast a few weeks ago. Loeb’s much friendlier than he was in July when he attacked the studio saying that its summer films After Earth and White House Down had “bombed spectacularly.” He added that they were “2013′s versions of Waterworld and Ishtar” and that it was “perplexing” that the company gave … Read More »

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Sony Plans Investor Meeting To Discuss Entertainment Businesses

By | Thursday September 12, 2013 @ 2:43pm PDT

The company is telling analysts and investors to hold November 21 for a “Sony Entertainment Investor Day” to be held at the Sony Pictures Entertainment lot in Culver City. No word on why — or who’ll be there. But this appears to be a follow up to a promise that CEO Kazuo Hirai made last month to Third Point CEO Daniel Loeb: After rejecting the hedge fund owner’s proposal to create a new stock for entertainment and sell a minority stake to the public, Hirai said that he would ”increase disclosure regarding Sony’s entertainment businesses. We agree this can help market participants analyze their performance and monitor their success.” Loeb stung the company over the summer, charging that Sony “has plenty of reasons to worry about Entertainment”, which he said generated lower profit margins than its competitors. George Clooney came to Sony’s defense in a conversation with my colleague Mike Fleming Jr., calling Loeb a “carpetbagger”. Hirai said that the board “unanimously concluded that continuing to own 100% of our entertainment business is the best path forward and is integral to Sony’s strategy.” Loeb is an investor in Variety with Deadline’s parent company, PMC.

Related: Daniel Loeb In Retreat: Backs Off Sony, Praises Read More »

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Daniel Loeb’s Third Point Unveils $115M Stake In Disney

By | Wednesday August 14, 2013 @ 9:31pm PDT

The hedge fund run by CEO Daniel Loeb has revealed a stake in Disney worth $115M, as disclosed in a filing on his holdings as of June 30. Third Point‘s stake amount to less than 1 percent of Disney, or 1.8M shares. This adds to Third Point’s Hollywood holdings in Sony and MGM.

Related: Daniel Loeb In Retreat: Backs Off Sony, Praises George Clooney

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Deadline’s 10 Best Film Stories Of The Week

By | Sunday August 11, 2013 @ 2:03pm PDT

Related: Deadline’s 10 Best TV Stories Of The Week

The fallout from the box office flop of The Lone Ranger continues for Disney with a big expected write down in the offering while stars Johnny Depp and Armie Hammer complain that it was the critics that killed the film. That, along with Steven Spielberg departing the director’s chair on American Sniper and investor Daniel Loeb retreating from his demand that Sony sell off its entertainment assets, make up some of the top film stories that Deadline ran the past week. Take a read here:

Hollywood Blues: ‘Smurfs 2′ Bombs Here And Blah Overseas; Denzel-Mark’s ’2 Guns’ Wins Weekend, ‘Wolverine’ Holds For #2

By Nikki Finke – SUNDAY AM, 7TH UPDATEThis is yet another weekend that confounded and confused Hollywood as domestic numbers are coming in lower than projected and only international grosses are saving Summer 2013.

Disney Expects To Write Down As Much As $190M For ‘Lone Ranger’

By David Lieberman - CFO Jay Rasulo just told analysts that the company is “disappointed” in the film’s performance and likely will take a charge of anywhere from $160M … Read More »

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Isn’t It Time To Take ‘Waterworld’ Off The All-Time Flop List?

By | Wednesday August 7, 2013 @ 4:29pm PDT
Mike Fleming

In an interview with Deadline last Friday, George Clooney expressed ire for Third Point hedge fund chief Daniel Loeb‘s criticism of Sony Pictures management, claiming Loeb didn’t know the first thing about the movie business. I didn’t have room for it in the article–George covered a lot of ground–but Clooney even criticized Loeb’s choice of historic flops to liken to two Sony summer misfires, After Earth and White House Down. Clooney said that he felt both After Earth (a $130 million budget film that has grossed $242 million worldwide) and White House Down (a $150 million budget film that grossed $117 million worldwide) would not end up as precedent-setting losers when all the money is counted down the line. But he also said that Loeb calling Waterworld, and maybe even Ishtar, all-time flops showed a naivete about the way studios cover their risk. In fairness to Loeb, both Waterworld and Ishtar have been easy targets because their production cost overruns made each big news in its day.

Ishtar cost $55 million and grossed $14 million domestic, and, well it’s tough to put a happy face on that film in any discussion. Clooney and others would argue that Waterworld is a much different story. Now, I can’t count to 20 without taking off my shoes, but an industry numbers cruncher shared with Deadline a cost/profit analysis on Waterworld, even adjusting the numbers for inflation and again to reflect ways that the tent pole business has grown more favorable to studios than back when Waterworld was released in 1995. The numbers make an argument consistent with Clooney’s point. Read More »

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Daniel Loeb In Retreat: Backs Off Sony For Now With Praise For CEO Kazuo Hirai And George Clooney; But Can He Be Trusted?

Nikki Finke who is on vacation will have a fuller Loeb vs Sony report soon.

Apparently, The Most Hated Man In Hollywood just wasn’t comfortable being labeled “The Most Dangerous Man To Our Industry” by George Clooney for all the world to read (via Mike Fleming’s exclusive Deadline interview and carried by Yahoo this past weekend). So now Third Point hedge fund CEO Daniel Loeb claims today he’s backing off Sony. But only after the putz created chaos and confusion inside a stable and successful studio, destabilized Michael Lynton’s and Amy Pascal’s and Jeff Blake’s management because two summer films After Earth and White House Down bombed at the domestic box office in what is a cyclical business, and imperiled many current jobs and future projects there. It’s disgusting. Not only does he seek to profit from the misfortunes of countries (Greece) and corporations (Sony after Howard Stringer crashed and burned the once great electronics giant), but in this case bullies a major entertainment company to the brink. Now Loeb will simply retreat to his East Coast dream homes and not give Hollywood another thought until the next time he feels the urge to kvetch. Kudos to Clooney for having the balls to hold up Loeb to public scorn. And congrats to Sony CEO Kazuo Hirai for not panicking or pressuring top executives to leave just to appease Loeb. Nice work, too, by producer Lynda Obst who gave a very forceful and cogent defense of SPE on CNBC yesterday. As for Ashton Kutcher and his worthless opinion, let’s see how his career careens when his Jobs indie flops and CBS/Warner Bros no longer pays him to make Two And A Half Men even more unwatchable.

Related: Sony Rejects Daniel Loeb’s Entertainment Spinoff Proposal

Loeb today did an about-face and claimed to Variety he was backing off Lynton, Pascal, et al: “We support Hirai, and to the extent that he supports his management team and they can meet the board’s initiatives around transparency and profit margin improvement, I see no reason [the current executives] cannot do that. It is a decision for Mr. Hirai to make.” This is after Hirai sent a letter to Third Point (which owns 7% of Sony) and rejected Loeb’s unsolicited proposal to spinoff Sony’s entertainment unit. Suddenly Loeb was calling Hirai’s letter “thoughtfully written and detailed in its discussion of profitability and transparency. There was a lot there for shareholders to hang their hats on.” Loeb also admitted “it is probably unfair to focus on one or two bad movies, just in the way that Third Point from time to time can have one or two bad months or a bad year. … We’re really not focused on individual movies or their slate. I know I mentioned that in the last letter, but at this point it is more productive to support management and the goals advanced by Mr. Hirai in his letter.”

Loeb clearly never counted on being outed by Clooney for “knowing nothing about our business” and dissed so publicly and forcefully and publicly by the filmmaker. Loeb replied: “Notwithstanding the fact that the media likes to create a stir, I admire Mr. Clooney’s passion for Sony and his loyalty to Sony and his friends there.” But Loeb nervily suggested he and Clooney share a “common goal: a more disciplined company with better allocation of capital means less money spent on bureaucracy and more investment in motion pictures. We are all for intelligent investment in creative content. I believe our interests are aligned in a way he probably doesn’t realize.” Read More »

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Ashton Kutcher: George Clooney And Dan Loeb Are Naive About Hollywood: Video

By | Tuesday August 6, 2013 @ 3:46pm PDT

The actor spoke to CNBC as part of the run-up to the opening of Jobs, where he plays late Apple CEO Steve Jobs. Ashton Kutcher discussed his philosophy as an investor, with $100M in tech start-ups. But the interesting part comes about 4:20 in, where he says that neither hedge fund manager Dan Loeb, who has vigorously criticized Sony Entertainment, nor actor George Clooney, who called Loeb a “carpetbagger,” understand how the business works. “Some of these companies are extremely bloated and spend money on relationships,” Kutcher says.

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UPDATE: Third Point Responds Tonight After Sony Rejects Daniel Loeb’s Spinoff Proposal And Will Keep Entertainment Unit

By | Monday August 5, 2013 @ 10:46pm PDT

UPDATE: The battling continues in this war of words. Daniel Loeb’s hedge fund Third Point tonight made clear it won’t stop destabilizing Sony and its entertainment division after the Japanese parent company rejected Daniel Loeb’s pressure to spinoff its showbiz unit. Third Point said it will “explore further options to create value for shareholders” and “welcomes Sony’s commitment to greater transparency and expects this will foster a culture of accountability. Sony has clearly recognized the performance issued we identified. In the new spirit of transparency, management should communicate more specific plans to improve entertainment results. A renewed focus on profitability and better margins should reduce bureaucracy and thus free up resources to invest in high quality motion pictures, filmed entertainment, networks and music, aligning shareholder interests, the creative community and consumers.”

Earlier today, Sony told Third Point CEO Daniel Loeb today it is rejecting his proposal to create a stock for its entertainment assets and then sell up to a 20% stake to the public. The board has “unanimously concluded that continuing to own 100% of our entertainment business is the best path forward and is integral to Sony’s strategy,” CEO Kazuo Hirai says in a letter to the hedge fund manager. “We do, however, expect to increase disclosure regarding Sony’s entertainment businesses.” Hirai adds that he’s “very focused on increasing margins at [Sony] Pictures.” That’s a particular sore point for Loeb, especially following the box office results for After Earth and White House Down, which he said last week “bombed spectacularly.” In response, actor George Clooney told my colleague Mike Fleming Jr. that Loeb is “a carpet bagger…who is trying to spread a climate of fear that pushes studios to want to make only tent poles.” Hirai says that he’ll cut costs while also “aggressively investing in our global television production business” and “building upon our diversified film slate strategy.” He notes that Sony has “instituted an even more exacting ‘green light’ process for film production, focusing more intensively on overall slate profitability as well as per film returns-on-investment.” Sony’s decisions were based on its belief that demand for premium content will grow “at unprecedented levels” as broadband and mobile devices become nearly ubiquitous. Shareholders “will benefit from owning all, rather than a part, of these valuable [content] assets.” Loeb is an investor in Variety with Deadline’s parent company, PMC.

The letter follows below:

Read More »

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George Clooney To Hedge Fund Honcho Daniel Loeb: Stop Spreading Fear At Sony

By | Friday August 2, 2013 @ 9:16am PDT
Mike Fleming

George Clooney Sony Daniel LoebEXCLUSIVE: George Clooney, who yesterday sent his Smokehouse Pictures partner Grant Heslov to Hollywood to show Sony and Fox a first cut of their Oscar-season period film The Monuments Men, has spent most of his career navigating the challenge of making provocative movies at studios obsessed with tentpoles. While he’s won Oscars — the latest the Best Picture prize he shared with Heslov and producer-director Ben Affleck for Argo — Clooney is also the guy who kept a photo of himself as Batman prominently displayed on his office wall, as a cautionary reminder of what can happen when you make movies solely for commercial reasons.

Working on post-production for his latest directing effort in Italy to ready for Sony’s December 18 release, Clooney spoke to me about his new movie and how it’s getting harder to make films like Monuments, Argo and the Smokehouse-produced August: Osage County. The discussion turned toward recent critical comments made by Third Point LLC hedge fund head Daniel Loeb and the pressure he is placing on Sony Pictures chiefs Michael Lynton and Amy Pascal, centered around the under-performing back to back summer films After Earth and White House Down. Loeb, whose fund controls 7% of Sony stock, is pressing for Sony to spin off its entertainment assets and likened those misfires to historic flops Waterworld and Ishtar. Though Clooney and Heslov base their Smokehouse Pictures banner at Sony, and Loeb’s influence is growing there, Clooney has never been shy about standing up to what he feels is wrong. So, buckle up.

Said Clooney: “I’ve been reading a lot about Daniel Loeb, a hedge fund guy who describes himself as an activist but who knows nothing about our business, and he is looking to take scalps at Sony because two movies in a row underperformed? When does the clock stop and start for him at Sony? Why didn’t he include Skyfall, the 007 movie that grossed a billion dollars, or Zero Dark Thirty or Django Unchained? And what about the rest of a year that includes Elysium, Captain Phillips, American Hustle and The Monuments Men? You can’t cherry pick a small time period and point to two films that didn’t do great. It makes me crazy. Fortunately, this business is run by people who understand that the movie business ebbs and flows and the good news is they are ignoring his calls to spin off the entertainment assets. How any hedge fund guy can call for responsibility is beyond me, because if you look at those guys, there is no conscience at work. It is a business that is only about creating wealth, where when they fail, they get bailed out and where nobody gets fired. A guy from a hedge fund entity is the single least qualified person to be making these kinds of judgments, and he is dangerous to our industry.”

Why is he dangerous? Read More »

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Daniel Loeb Slams Sony Entertainment Saying Summer Films “Bombed Spectacularly”

By | Monday July 29, 2013 @ 12:40pm PDT

It’s no more Mr. Nice Guy for the founder of hedge fund Third Point, a major investor in Sony. In a letter to his investors today, Daniel Loeb says he’s fed up with the performance of the electronics giant’s movie, TV, and music businesses — which he wants Sony to package in a separate stock, with a minority stake sold to the public. “We were surprised that after Entertainment’s highly touted big budget summer releases — After Earth and White House Down — bombed spectacularly at the box office, CEO [Kazuo] Hirai, speaking at the Allen & Co. Sun Valley conferences a few weeks ago, brushed off these failures saying: ‘I don’t worry about the Entertainment business, it’s doing just fine’,” Loeb says. Calling the films “2013′s versions of Waterworld and Ishtar,” Loeb says it’s “perplexing” that Hirai gave “free passes” to Sony Pictures Entertainment Co-CEOs Michael Lynton and Amy Pascal, who he called “the executives responsible for these debacles.” Loeb adds that he’s concerned about the studio’s pipeline, which he describes as “bleak, despite overspending on numerous projects.” And the television business “relies on old Merv Griffin Production workhorses like Jeopardy! and Wheel Of Fortune” but “has no hit network television shows, only one major syndicated network show, the Dr. Oz Show, and has missed the market for unscripted television.” Loeb says a stock offering would make the operation more transparent and … Read More »

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Daniel Loeb Agrees To Keep His Hands Off Yahoo As Part Of Stock Sale

By | Thursday July 25, 2013 @ 2:01pm PDT

Looks like Yahoo is more concerned about the Third Point founder’s intentions than everyone let on early this week when they announced that the company would pay $1.16B for 40M of Daniel Loeb’s shares, bringing his stake below 2%. The agreement also includes an extended standstill agreement, which prevents Loeb from moving against Yahoo management into 2018, according to an SEC filing today. It bars the hedge fund from owning more than 3% of Yahoo’s shares. Loeb can’t solicit proxies or make a shareholder proposal. The activist investor also would need board approval before he could participate in a merger or a restructuring or recapitalization involving one of Yahoo’s subsidiaries or affiliates. The Internet company said that it wouldn’t disparage Loeb and his colleagues, Michael Wolf and Harry Wilson — all of whom will resign from the board at the end of this month. Loeb is an investor in Variety with Deadline’s parent company PMC.

Related: Who Is Daniel Loeb And What Does He Want With Sony?

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Daniel Loeb Leaves Yahoo Board After Company Repurchases Most Of His Stock

By | Monday July 22, 2013 @ 6:56am PDT

Yahoo shares are down more than 3% this morning after the company said that it has bought back most of the shares owned by Third Point’s Daniel Loeb — leading him and colleagues Harry Wilson and Michael Wolf to resign from the board at the end of this month. ”Since our Board’s rigorous search led us to hire Marissa Mayer as CEO, Yahoo!’s stock price has nearly doubled, delivering significant value for shareholders,” Loeb says. “I’m confident that with Marissa at the helm and her team’s focus on innovation and engaging users, Yahoo! has a bright future.” The agreement to buy 40M of Loeb’s shares, at $29.11 apiece, will bring his stake in the company below 2% — and will count toward the company’s plan to repurchase $1.9B of its stock. Loeb is an investor in Variety with Deadline’s parent company PMC.

The sale makes sense for Loeb, the billionaire founder of hedge fund Third Point. He’s a value investor who likes to engage in deep research and then bet on relatively boring companies and assets that others overlook. Few would consider Yahoo undervalued after its stock appreciated 77% in the last 12 months. And the company is far from overlooked with former Google exec Mayer at the helm. The sale gives Third Point cash to devote elsewhere — possibly including Sony where Loeb is urging the company to issue stock in its movie, TV and music assets. (He wants Sony to hang on to about 80% and let the public trade the remaining 20%.) Meanwhile, Third Point remains a major shareholder in Yahoo.

But Yahoo shareholders may fear that once Loeb and his colleagues leave the board, the company may use the proceeds from the interest it sold in Alibaba to buy assets — like it just did with its $1.1B deal for Tumblr — says Barclay’s Capital’s Anthony DiClemente.

Here’s the release: Read More »

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Deadline Big Media With David Lieberman, Episode 40

By | Friday June 21, 2013 @ 3:47pm PDT

Listen to (and share) Episode 40 of our audio podcast Deadline Big Media, With David Lieberman. Deadline’s executive editor talks with host David Bloom about Daniel Loeb‘s latest efforts to persuade Sony to partly spin off its entertainment units; whether it’s time to dump the FCC decency rules; DreamWorks Animation’s global TV play; and whither Liberty Media and Charter now that talks have cooled on a possible purchase of Time Warner Cable.

Deadline Big Media, Episode 40 (MP3 format)
Deadline Big Media, Episode 40 (MP4a format) Read More »

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Sony CEO Says Board Will Have “Thorough Discussion” About Selling Showbiz Units: Video

By | Thursday May 30, 2013 @ 2:49pm PDT

“It’s premature at this point in time to speculate one way or the other,” Sony president and CEO Kazuo Hirai told CNBC today when asked whether an investor proposal to sell off portions of the company’s entertainment assets will succeed. The Sony chief made his comments as the company hired Morgan Stanley and Citi to review the proposal from shareholder Daniel Loeb’s hedge fund Third Point. “The process really is, as was described earlier, a discussion that needs happen really at the board level of the organization and we want to make sure that we have a through discussion of the merits of the proposal before we come to any conclusion,” he told the business network. Any discussion of Third Point’s proposal will have to wait until the new Sony board is elected later this month.

Related: Who Is Daniel Loeb And What Does He Want With Sony?

Read More »

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Sony Shares Rise On Report That It Will Consider Entertainment Stock Offering

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.)

Related: Who Is Sony Investor Daniel Loeb And What Does He Want With It?

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Deadline Big Media With David Lieberman, Episode 35

Listen to (and share) episode 35 of our audio podcast Deadline Big Media With David Lieberman. Deadline’s executive editor joins host David Bloom to discuss the advertising upfronts this week, including the CBS victory lap and whether an auto ad spending blitz will finance this year’s pricey programming; Daniel Loeb’s (and possibly Les Moonves’) plans for Sony; and National CineMedia’s whiz-bang new technologies to give exhibitors and studios more bang for their in-theater ad bucks.

Deadline Big Media, Episode 35 (MP3 format)
Deadline Big Media, Episode 35 (MP4a format) Read More »

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Who Is Sony Investor Daniel Loeb And What Does He Want With It?

The billionaire founder of hedge fund Third Point startled many in entertainment today with the news that he has paid $1.1B for a 6.4% stake in Sony – and wants the company to create a stock for its movie, TV, and music businesses, selling as much as 20% to the public. But on Wall Street, where Daniel Loeb is an A-list celeb, the big surprises are that he showed any interest in showbiz — and that his language in the letter he sent to Sony was so polite. As a value investor managing more than $13B, Loeb, 51, likes to engage in deep research and then bet on relatively boring companies and assets that others overlook. Third Point’s most recent quarterly investor letter highlights its holdings in International Paper and mortgages, as well as John Malone’s European cable company Liberty Global. Although Loeb was raised in Los Angeles, the son of a lawyer and an historian, he’s known as a New Yorker. He earned an economics degree from Columbia University before he hit Wall Street. After working 12 years for firms including Citibank, Jefferies and Warburg Pincus, he founded Third Point in 1995 with about $3M from family and friends. Read More »

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