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Sony to hold on to entertainment business
2013-08-06 09:35:00| Telecompaper Headlines
(Telecompaper) Sony has rejected a shareholder proposal to spin off its entertainment proposal as a separate business. The company said in a letter to hedge fund Third Point that the board was unanimous in its decision to hold on to the business, and not create a separate listing for the film, TV and music activities. The company cited the growing value of content due to the increasing number of distribution platforms and proliferation of broadband as important trends driving its growth. By keeping the entertainment assets fully in-house, it can also realise more synergies and collaboration with the other parts of its business, without having to go through separate corporate structrues. The board also said that Sony has "adequate capital resources" to fund its business plans, rejecting the proposal for a rights issue or partial disposal of the entertainment business. The company did agree to provide more information in future on its entertainment business, to help shareholders udnerstand the business case.
Tags: business
entertainment
hold
sony
Category:Telecommunications
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