Sony Corp. is "considering evaluating" a spinoff of its entertainment arm that is being advocated by the hedge fund and Sony shareholder Third Point, according to Japan's Nikkei newspaper.
The news comes a day before a much-anticipated Sony corporate strategy meeting in Tokyo and a week after Third Point proposed that the electronics and media giant make an initial public stock offering of up to 20% of its entertainment arm.
That unit, Sony Entertainment Inc., includes film and television studio Sony Pictures Entertainment, Sony/ATV Music Publishing and Sony Music Entertainment. Third Point, founded by billionaire Daniel Loeb, has a roughly 6% stake in Sony.
Sony's corporate strategy meeting was scheduled well before Third Point made its proposal in a hand delivered letter to Kazuo Hirai, Sony's president and chief executive.