Latest in Gaming

Image credit:

Sony considers splitting the company after proposed IPO


Sony executives are considering splitting the company's entertainment and electronics divisions, following billionaire Daniel Loeb's proposed initial public offering of its entertainment business. The entertainment arm includes all PlayStation properties, alongside Sony's film and music businesses.

Loeb, with Third Point LLC, owns a 6 percent stake in Sony worth $1.1 billion, and is Sony's biggest investor. Sony CEO Kazuo Hirai confirmed that the top brass is considering Loeb's offer, but didn't say when it would come to a decision, Bloomberg reports.

"It's only a start," Hirai said. "It's important that the board will discuss this and come to a decision that represents Sony's stance." Following Loeb's offer yesterday, Sony stock surged 9 percent.

From around the web

ear iconeye icontext file