Wed, Jun 19, 2013 | 16:18 BST
Sony shareholders’ meeting to discuss splitting electronics and entertainment divisions
Sony will hold a meeting tomorrow, in which it will discuss a proposed split between its entertainment and electronics divisions, according to a Nikkei report.
The report also states that Sony boss Kaz Hirai wants to keep the divisions unified going forward, instead of splitting as suggested by Third Point LLC boss Daniel Loeb.
Much noise regarding a proposed split since May, when Loeb hand delivered a letter to Hirai.
In his letter to Hirai, Loeb proposed the firm sell 15-20% of Sony Entertainment to shareholders which would allow the firm to funding to help its electronics division.
Last we hear, Sony was reportedly in talks with Morgan Stanley and Citigroup regarding splitting the entertainment and electronics divisions, and even the possible sale of the entertainment unit.
Another report stated the board of directors had started discussing the idea, with Sony CEO Kaz Hirai reportedly saying the board would “come to a decision that represents Sony’s stance.”
A Sony representative clarified matters at the time by stating that it welcomes investments and dialogue with shareholders, but that Sony Entertainment wasn’t on the market.
So come tomorrow, June 20, it sounds as though a decision will be made either way.