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No Change of Course, Kazuo Hirai Tells Sony AGM

Restructuring continues, but no sale for entertainment division.

HONG KONG – Kazuo Hirai, CEO of Sony, reiterated a decision not to sell off the Japanese group’s entertainment division.

Hiai was speaking (June 19 at Sony’s annual general meeting in Tokyo and responded to questions.

He said that the largely U.S.-based film and TV unit would neither be sold off nor separately listed.

Last year the company was challenged by hedge fund activist Daniel Loeb to unlock more value from the unit.

In contrast, Sony is planning listings for a joint venture with China’s Shanghai Oriental Pearl, and for another JV in China that will contain Sony’s PC manufacturing activities.

The group is forecast to lose ¥50 billion ($495 million) in the current financial year.

“We will bear responsibility to complete restructuring in fiscal 2014, with a strong sense of crisis and without further delay,” Hirai said.

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