×

Sony Shares Rise After Report of Third Point Building Stake

Shares of Sony Corp. rose in Monday trading after Reuters reported that Third Point LLC, a hedge fund backed by investor Dan Loeb, was building a stake in the electronics-and-entertainment giant.

The report suggested Third Point was eager to have Sony explore possibilities for some of its business operations, including its movie studio, semiconductor and insurance units. The report cited “people familiar with the matter,” but declined to identify them. Third Point believes Sony’s studio operations might fit with a big streaming-video company like Netflix or Amazon, the report said. The report did not state the size of Third Point’s new stake in Sony, but said the hedge fund was “raising a dedicated investment vehicle, targeting between $500 million and $1 billion in capital, so it can buy more Sony shares,.”

Sony’s New York-listed shares surged 7.57% in earlier Monday trading, up $3.26 per share to $46.33.

Third Point has tried to prod Sony to shed its studio in the past. It notched a significant gain on a stake it built in Sony in 2014, after working for more than a year to get the company to spin off is entertainment operations.

More TV

  • BAFTA headquarters at 195 Piccadilly, London

    BAFTA Undertakes Major Renovation of Its London Headquarters

    BAFTA has undertaken a major renovation of its London headquarters that will double the building’s capacity and increase space devoted to the British academy’s programs to promote skills training and new talent. Work has already begun on the $31 million overhaul, which is expected to take two years. In the interim, BAFTA will relocate its [...]

  • Picture shows: MAKING OF - Underwater

    Netflix Orders 'Oceans' Natural History Series From 'Blue Planet II' Creator

    Netflix has ordered a multi-part natural history series on the world’s oceans from Freeborne Media, the production outfit of acclaimed natural-history producer James Honeyborne, who created “Blue Planet II.” Each of the series’ episodes will focus on a different ocean, “combining the disciplines of oceanography, geography and earth sciences to experience these characteristics in new [...]

  • 13 REASONS WHY

    Netflix Revises Controversial '13 Reasons Why' Suicide Scene

    Netflix has edited the controversial suicide scene from “Thirteen Reasons Why” two years after the show originally premiered. “We’ve heard from many young people that ’13 Reasons Why’ encouraged them to start conversations about difficult issues like depression and suicide and get help—often for the first time,” Netflix said in a statement Monday. “As we [...]

  • Russell Tovey on His 'Arrogant and

    Russell Tovey on His 'Arrogant and Heroic' 'Years and Years' Character

    SPOILER ALERT: Do not read if you have not yet watched the fourth episode of “Years and Years.” Russell T. Davies’ limited series “Years and Years” began with a birth, but it did not wait until the finale to book-end the story with a death. In the fourth episode of the multi-year spanning family drama, [...]

  • Hugh GRant photographed by Shayan Asgharnia

    Listen: Hugh Grant on Why He Would Kill Social Media if He Could

    Hugh Grant has been very active in U.K. press reform initiatives, but he knows the problem is even bigger than the media moguls who control the world’s major news outlets. That’s why Hacked Off, the campaign he’s involved with, is also expanding its scope to include the impact of online propaganda. “It’s particularly terrifying, the [...]

  • Veronica Mars -- "Heads You Lose"

    TV Review: 'Veronica Mars' Season 4

    “Veronica Mars” was a slap to the face of high school dramas when it premiered on UPN in 2004. Creator Rob Thomas took the well-worn “who killed the pretty teenager?” whodunnit and hard-boiled it, following a traumatized girl desperately trying to harden herself to the world’s harsh realities as she tried to solve the case. [...]

  • Norah O'Donnell Invokes Edward R. Murrow

    Norah O'Donnell Invokes Edward R. Murrow to Launch New Era at 'CBS Evening News'

    Though Norah O’Donnell had her first turn as anchor of “CBS Evening News” Monday night, she didn’t rely on any attention-grabbing tricks to carry the day. There was no flashy drawing board, no rattling off of unsettling, urgent headlines and no wrap-up of the day with a mawkish end segment calling up some element of [...]

More From Our Brands

Access exclusive content