Sony Corp is considering evaluating a proposal from top shareholder Third Point LLC to spin off part of its movie and music business, Japanese daily Nikkei reported.<\/p>\n
Sony’s U.S. listed shares rose 9 percent on Tuesday on the New York Stock Exchange.<\/p>\n
Billionaire hedge fund investor Daniel Loeb last week called on the company to spin off its lucrative entertainment arm, setting the stage for a clash between his activist Wall Street fund and management at the Japanese electronics maker.<\/p>\n
Sony declined to comment when contacted by Reuters.<\/p>\n
Loeb said his Third Point hedge fund had accumulated a little more than 6 percent of Sony’s shares – a stake worth $1.1 billion – making it the largest stakeholder in the inventor of the Walkman portable music player and Trinitron TV.<\/p>\n
Sony shares were trading at $22.87 in afternoon trading.<\/p>\n
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