Sony stalls on proposal to spin off entertainment business

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Sony stalls on proposal to spin off entertainment business

Sony needs more time to study a key proposal from a U.S. hedge fund to spin off a part of its entertainment unit to re-energize its fledgling revival, the chief executive told shareholders yesterday.

Kazuo Hirai spoke to hall packed with thousands of investors for an annual general shareholders’ meeting, where the proposal from Third Point hedge fund, led by activist investor and billionaire Daniel Loeb, was the subject of first question from the floor. AP

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