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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
Sony rejects Loeb spin-off proposal
2013-08-06 08:13:20| BBC News | Business | UK Edition
Sony rejects a proposal by one of its biggest shareholders, hedge fund Third Point, to spin off part of its entertainment division.
Tags: sony
proposal
rejects
loeb
Sony rejects Loeb's entertainment business spinoff plan
2013-08-06 02:00:00| Total Telecom industry news
Japanese company says it has considered investor's proposal, but entertainment business is fundamental to future success.
Tags: business
plan
entertainment
sony
Kenya: Sony Sugar Company Announces Replacement for Managing Director
2013-08-05 09:14:17| Sugar Industry News
Sony Sugar sales and marketing manager Pamela Odhiambo is the company's acting managing director. Odhiambo replaces Paul Odola whose tenure has expired. Until her appointment, she was the head of sales and marketing department.
Tags: company
director
sony
managing
Sony sales boosted by smartphones, weaker yen
2013-08-01 09:36:00| Telecompaper Headlines
(Telecompaper) Sony reported revenues for its fiscal first quarter to June up 13 percent from a year earlier to JPY 1.713 trillion (USD 17.3 billion), boosted by the weaker yen and growing smartphone sales. Excluding currency effects, sales were down 3 percent. Operating profit jumped to JPY 36.4 billion from JPY 6.3 billion a year ago, driven by the mobile communications and financial services divisions, and the net profit rose to JPY 3.5 billion from a loss of JPY 24.6 billion a year earlier. The mobile division, which includes phones and computers, grew sales 36.2 percent to JPY 389 billion, and the operating result moved to a profit of JPY 5.9 billion from a loss of JPY 28.1 billion a year ago. Smartphone sales in units reached 9.6 million, up from 8.1 million in the March quarter and 7.4 million a year earlier. The company maintained its full-uear outlook for unit sales of 42 million smartphones, but cut the forecast for cameras, TVs and PCs. Thanks to the positive currency effects Sony raised its full-year outlook to sales of JPY 7.9 trillion from a forecast in May of 7.5 trillion. The profit outlook was left unchanged.
Tags: sales
sony
yen
smartphones
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