ethomaz on 20 June 2013
Like I saw a lot of guys questioning what Kaz is doing to not have a public appearance in the lastest big event....
So I found that in GAF.
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Sony’s chief executive, Kazuo Hirai, reiterated on Thursday that the company’s music and movie businesses were not for sale, striking a cautious tone on a renewed push by the American activist investor Daniel S. Loeb to break up Sony’s sprawling empire. He added that the company’s board would continue to study the matter.
Speaking to shareholders at Sony’s annual general meeting in Tokyo, Mr. Hirai said that movies and music were an indispensable part of Sony’s growth strategy. Mr. Loeb’s firm, Third Point, which claims to be one of Sony’s biggest shareholders, has proposed that Sony should partially spin off its entertainment arms and invest the proceeds in its struggling electronics business. “The entertainment business plays an important role in Sony’s future growth,” Mr. Hirai told investors, saying it added critical value to the company and should not be let go. “This proposal strikes at the heart of what kind of company Sony ultimately will become in the future. We intend to take our time in discussing it.” Mr. Hirai’s remarks came after Mr. Loeb upped the ante in what is a rare bid to shake up one of Japan’s most storied companies. |
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Investors are also excited about Sony’s upcoming PlayStation 4 home game console, which won emphatic praise from gamers at the E3 conference last week in Los Angeles. It is also a more powerful machine and less expensive than Microsoft’s Xbox One; analysts have said Sony stands a good chance of winning the next-generation console wars.
Some shareholders seemed skeptical of Mr. Loeb’s intentions. “I don’t get the impression that he’s interested in Sony in the long term,” said Akihisa Ishikawa, 31, who works in publishing in Tokyo and bought Sony shares about six years ago, but has since seen them decline in value. “Is he just out to make a quick buck? If so, Sony is right not to show interest.” |
