Third Point says to keep talking with Sony, explore options

Tue Aug 6, 2013 1:53am EDT
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TOKYO (Reuters) - New York-based hedge fund Third Point, led by billionaire Daniel Loeb, said on Tuesday it would continue talking with Sony Corp and explore further options after the electronics maker's board rejected a proposal to partially list its entertainment arm.

"Third Point looks forward to an ongoing dialogue with management and intends to explore further options to create value for Sony shareholders," the fund said in a statement.

Sony said it would improve transparency in its entertainment business, including the disclosure in its earnings releases from next quarter of revenue figures for certain categories in its pictures and music segments.

Loeb, who owns around 7 percent of Sony through shares and cash-settled swaps, nevertheless said Sony management should communicate more specific plans to improve results at its entertainment unit.

He has previously called the company's entertainment division poorly managed and said he wanted it to be more transparent and accountable.

(Reporting by Mari Saito; Editing by Edmund Klamann)

An entrance gate to Sony Pictures Entertainment at the Sony Pictures lot is pictured in Culver City, California April 14, 2013. REUTERS/Fred Prouser