Sony’s Kazuo Hirai Seeks Time to Consider Spinoff Proposal

Sony's Kazuo Hirai Seeks Time Consider

Sony Corp.’s chief executive says time is needed to study a proposal from a U.S. major hedge fund to spin off a part of the company’s entertainment unit.

Kazuo Hirai was speaking to investors packing a Tokyo hall at the Japanese electronics and entertainment company’s annual shareholders meeting Thursday.

The question about a recent proposal from Third Point hedge fund, led by activist investor and billionaire Daniel Loeb, was the first question from the floor.

Hirai reiterated his position that Sony takes the proposal seriously, and it will be studied by the board. But he ruled out a quick decision.

Loeb has proposed selling up to a 20 percent stake in Sony’s relatively healthy movie and music business.

Hirai promised shareholders a revival by focusing on smartphones and TVs.

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