Sony shares surge after Reuters reports that an activist fund was building a stake in the company
TOKYO - Sony Corp shares surged more than 9 percent on Tuesday after a Reuters report saying Third Point LLC was again raising its stake in the Japanese conglomerate stoked speculation that fund owner Daniel Loeb was preparing to agitate for more change.
The move would be Third Point’s second campaign for change at Sony in six years, coming as investors look for the company’s next profit pillar amid signs its gaming business is slowing and as its PlayStation 4 console nears the end of its lifecycle. “I don’t think a sale of the pictures business is an option for Sony now because entertainment content is becoming crucial for the company,” Ace Securities analyst Hideki Yasuda said, pointing out synergies seen in the success of action game Marvel’s Spider-Man and the related movie series.
FILE PHOTO: The Sony logo is seen on a building in the Manhattan borough of New York City, New York, U.S., January 16, 2019. REUTERS/Carlo Allegri
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