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".

Topics:  music shares sony

Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Country Club becomes the centre of power

GENERATION: Nationals Parliamentary Secretary for Renewable Energy Ben Franklin, presenting the funding to the Club - General Manager Andrew Spice, Golf Director Ian Wingad, Chairman Peter Tomaros, Treasurer Anne Slater, and Director Tony Dahl.

Grant to Shore emergency centre

An evening of Muslim Sufi music with Tahir Qawwal

LOCAL: Canadian-born Tahir Qawwal.

Qawwali is a form of Sufi devotional music from Pakistan and India

Beauty and the Beast as a ballet

TROUPE: Dancers Elise Jacques and William Douglas.

By the Victorian State Ballet

Local Partners