Daniel Loeb, the activist investor best know for trying to shake up major media and technology companies, is at it again. His hedge fund, Third Point, disclosed in public filings that it purchased 1.8 million shares in the Walt Disney Company last June. That represents a 1 percent stake in the company, and is valued at $115 million. A spokeswoman for Third Point did not immediately respond to requests for comment. That small a stake means that Loeb will have a harder time making his presence felt than he did with other media...
- 8/15/2013
- by Brent Lang
- The Wrap
Daniel Loeb, the activist investor who has been trading barbs with Sony lately, has revealed a stake in Walt Disney Co. In a regulatory filing, the billionaire hedge-fund manager said his Third Point investment vehicle owns 1.8 million shares of Disney, worth about $114 million, as of the quarter ended on June 30, 2013. Loeb's stake in Disney amounts to less than 1 percent of the company. Photos: Leslie Moonves, David Zaslav, Robert Iger: 10 Highly Paid Entertainment CEOs Although Loeb is a famously activist investor, Nasdaq.com, citing a person familiar with the matter, reported that he has no plans
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- 8/15/2013
- by Paul Bond
- The Hollywood Reporter - Movie News
In an interview with Deadline last Friday, George Clooney expressed ire for Third Point hedge fund chief Daniel Loeb‘s criticism of Sony Pictures management, claiming Loeb didn’t know the first thing about the movie business. I didn’t have room for it in the article–George covered a lot of ground–but Clooney even criticized Loeb’s choice of historic flops to liken to two Sony summer misfires, After Earth and White House Down. Clooney said that he felt both After Earth (a $130 million budget film that has grossed $242 million worldwide) and White House Down (a $150 million budget film that grossed $117 million worldwide) would not end up as precedent-setting losers when all the money is counted down the line. But he also said that Loeb calling Waterworld, and maybe even Ishtar, all-time flops showed a naivete about the way studios cover their risk. In fairness to Loeb, both...
- 8/7/2013
- by MIKE FLEMING JR
- Deadline
Hedge-fund manager Daniel Loeb has apparently had a change of heart about Sony. Tuesday afternoon, he disavowed his verbal assault on the Japanese company and push for it to sell its entertainment assets. Speaking with Variety, a publication his firm Third Point has invested in, he also praised a high-profile critic of his -- George Clooney. Loeb, who previously crusaded against Yahoo management, has recently had Sony in his sights. After amassing a seven percent stake in the company, he called for the company to spin-off at least a percentage of entertainment...
- 8/7/2013
- by Lucas Shaw
- The Wrap
Nikki Finke who is on vacation will have a fuller Loeb vs Sony report soon. Apparently, The Most Hated Man In Hollywood just wasn’t comfortable being labeled “The Most Dangerous Man To Our Industry” by George Clooney for all the world to read (via Mike Fleming’s exclusive Deadline interview and carried by Yahoo this past weekend). So now Third Point hedge fund CEO Daniel Loeb claims today he’s backing off Sony. But only after the putz created chaos and confusion inside a stable and successful studio, destabilized Michael Lynton’s and Amy Pascal’s and Jeff Blake’s management because two summer films After Earth and White House Down bombed at the domestic box office in what is a cyclical business, and imperiled many current jobs and future projects there. It’s disgusting. Not only does he seek to profit from the misfortunes of countries (Greece) and...
- 8/7/2013
- by NIKKI FINKE, Editor in Chief
- Deadline Hollywood
Nikki Finke who is on vacation will have a fuller Loeb vs Sony report soon. Apparently, The Most Hated Man In Hollywood just wasn’t comfortable being labeled “The Most Dangerous Man To Our Industry” by George Clooney for all the world to read (via Mike Fleming’s exclusive Deadline interview and carried by Yahoo this past weekend). So now Third Point hedge fund CEO Daniel Loeb claims today he’s backing off Sony. But only after the putz created chaos and confusion inside a stable and successful studio, destabilized Michael Lynton’s and Amy Pascal’s and Jeff Blake’s management because two summer films After Earth and White House Down bombed at the domestic box office in what is a cyclical business, and imperiled many current jobs and future projects there. It’s disgusting. Not only does he seek to profit from the misfortunes of countries (Greece) and...
- 8/7/2013
- by NIKKI FINKE, Editor in Chief
- Deadline TV
Japanese group's shares slip after it writes to Daniel Loeb saying it will retain 100% of Sony Pictures and Sony Music
Sony's board has unanimously rejected a Us hedge fund manager's proposal that it sell part of its entertainment business, sending the Japanese company's shares down more than 5%.
In a letter to Daniel Loeb, CEO of Third Point, Sony said that continuing to own 100% of Sony Pictures and Sony Music was "fundamental" to the company's success.
Besides distributing blockbuster films such as the James Bond hit Skyfall, Sony's entertainment divisions make popular TV shows including Community for NBC and Breaking Bad for AMC. Sony Music artists include Beyoncé, Adele, Bob Dylan and Kenny Chesney. Sony operates 124 pay TV channels in more than 159 countries.
Sony's letter, which it released on Tuesday, said content was increasing in value and the entertainment business would benefit over time from the proliferation of new distribution platforms,...
Sony's board has unanimously rejected a Us hedge fund manager's proposal that it sell part of its entertainment business, sending the Japanese company's shares down more than 5%.
In a letter to Daniel Loeb, CEO of Third Point, Sony said that continuing to own 100% of Sony Pictures and Sony Music was "fundamental" to the company's success.
Besides distributing blockbuster films such as the James Bond hit Skyfall, Sony's entertainment divisions make popular TV shows including Community for NBC and Breaking Bad for AMC. Sony Music artists include Beyoncé, Adele, Bob Dylan and Kenny Chesney. Sony operates 124 pay TV channels in more than 159 countries.
Sony's letter, which it released on Tuesday, said content was increasing in value and the entertainment business would benefit over time from the proliferation of new distribution platforms,...
- 8/6/2013
- The Guardian - Film News
Given Ashton Kutcher's investments in various tech startups, he might know a thing or two about the way businesses run. So it should come as little surprise when he turned up on CNBC's Closing Bell Tuesday and not only rang the opening bell at the New York Stock Exchange, but was quizzed by Maria Bartiromo on the current state of show business while plugging his role as late Apple founder Steve Jobs in the forthcoming biopic Jobs. But what did raise a few eyebrows was what Kutcher had to say about fellow Hollywood star George Clooney's view of the entertainment industry after the latter lashed out at hedge fund manager Daniel Loeb for saying Sony should spin off its entertainment divisions after the...
- 8/6/2013
- E! Online
Daniel Loeb is nothing if not persistent. On Monday, Sony Corp. politely rejected its largest shareholder's suggestions that it spin-off its entertainment assets, but Loeb's hedge fund Third Point Management signaled that it may not have given up on the idea entirely. "Third Point looks forward to an ongoing dialogue with management and intends to explore further options to create value for Sony shareholders," Third Point said in a statement. According to Bloomberg, the New York-based fund went on to add that Sony had recognized that there were "performance issues" in its movie...
- 8/6/2013
- by Brent Lang
- The Wrap
The morning’s fascinating articles from around the movie website-o-sphere. Just leave a tab open for us, will ya? “Man Builds Life-Size Working Replica of Wall-e” — Now we can finally get that live-action version we’ve all wanted (if only Apple will get on-board to build Eve). “Watch: Breaking Bad, The Middle School Musical” — Rock candy is a hell of a drug. “George Clooney Launches Tirade at Sony Pictures ‘Carpetbagger’ Daniel Loeb” — Daniel Loeb, a hedge fund guru with a 7% stake in Sony has been trying to get the company to loose its entertainment division because he has no idea how the entertainment industry works. Clooney has some amazingly choice words for him. “Best Movie Closing Credit Ever” — Scout over at Scouting New York stumbled upon a fantastic gag from In the Mouth of Madness, then follows it with another that will make you lose your head. “In the Shallow of The Canyons, Lindsay Lohan...
- 8/6/2013
- by Scott Beggs
- FilmSchoolRejects.com
Daniel Loeb-led hedge fund Third Point late Monday responded to Sony Corp.'s decision to reject his proposal for a spinoff of its entertainment business. In a statement, the activist investor's firm said it would "explore further options" to create shareholder value. Photos: 10 High-Paid Entertainment CEOs: How Much They Make But it also said it welcomed Sony's commitment to greater transparency after the entertainment and consumer electronics conglomerate said it would start disclosing more details about the performance of its entertainment units. "Sony has clearly recognized the performance issues we identified," Bloomberg News quoted from the Third
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- 8/6/2013
- by George Szalai
- The Hollywood Reporter - Movie News
Update: The battling continues in this war of words. Daniel Loeb’s hedge fund Third Point tonight made clear it won’t stop destabilizing Sony and its entertainment division after the Japanese parent company rejected Daniel Loeb’s pressure to spinoff its showbiz unit. Third Point said it will “explore further options to create value for shareholders” and “welcomes Sony’s commitment to greater transparency and expects this will foster a culture of accountability. Sony has clearly recognized the performance issued we identified. In the new spirit of transparency, management should communicate more specific plans to improve entertainment results. A renewed focus on profitability and better margins should reduce bureaucracy and thus free up resources to invest in high quality motion pictures, filmed entertainment, networks and music, aligning shareholder interests, the creative community and consumers.” Earlier today, Sony told Third Point CEO Daniel Loeb today it is rejecting his proposal...
- 8/6/2013
- by DAVID LIEBERMAN, Financial Editor
- Deadline TV
Sony gently pushed back on Daniel Loeb's Third Point on Monday, saying it has no intention to spin off its entertainment division and politely rejecting the activist investor's scathing criticism of studio leadership -- while conceding that Sony Pictures Entertainment could certainly be doing better. Signed by Sony Corporation President and CEO Kazuo Hirai (pictured right), the letter says Sony is open to a dialogue with Loeb -- and calmly thanks him for his contributions as a major investor -- but won't be taking his note to cast out the studio. Also read: Daniel...
- 8/5/2013
- by Josh Dickey
- The Wrap
Sony's board of directors voted unanimously to reject the notion that it should spin off its entertainment business, and it sent a letter Monday explaining its position to Third Point, the investment vehicle of Daniel Loeb. The letter sets out several reasons to keep Sony intact rather than split it up, as Loeb has been loudly advocating. Sony's control over the entertainment business drives internal collaboration, the board says, with content increasingly valuable as it is consumed more and more on the kinds of digital gadgets Sony makes. Story: Third Point Responds to Sony Rejection of Entertainment Spin-off Proposal
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- 8/5/2013
- by Paul Bond
- The Hollywood Reporter - Movie News
Sony on Thursday brought on board former Fox Filmed Entertainment chair Tom Rothman to launch TriStar Productions. Rothman has a reputation as being fiscally conservative, which has caused some observers to speculate that launching TriStar with him is a move to placate activist investor Daniel Loeb, who has been badgering Sony to spin off what he calls its “bloated” entertainment business. If Rothman focuses on making 4 to 6 inexpensive movies per year, Loeb, whose Third Point hedge fund owns about 7 percent of Sony and is its largest stakeholder, might not gripe so much to Sony CEO Kaz Hirai about
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- 8/2/2013
- by Paul Bond
- The Hollywood Reporter - Movie News
Earlier in the week, Daniel Loeb, the founder of the hedge fund Third Point, which controls 7 percent of Sony stock, wrote a letter to his investors chastising the company's movie, TV, and music business. “We were surprised that after Entertainment’s highly touted big budget summer releases — After Earth and White House Down — bombed spectacularly at the box office, CEO [Kazuo] Hirai, speaking at the Allen & Co. Sun Valley conferences a few weeks ago, brushed off these failures saying: ‘I don’t worry about the Entertainment business, it’s doing just fine’.” Comparing those two films to Waterworld and Ishtar, Loeb said he didn't understand why “the executives responsible for these debacles” were given "free passes." Harsh words. Luckily, a knight in charming armor has emerged to defend Sony: George Clooney.Clooney's Smokehouse Pictures production company is housed at Sony and doesn't appreciate "activist investor[s]" butting their noses into something they know nothing about.
- 8/2/2013
- by Jesse David Fox
- Vulture
Don't tell George Clooney that Hollywood studios are in trouble. In a new interview with Deadline.com's Mike Fleming, Clooney blasted Third Point hedge fund manager and Sony stockholder Daniel Loeb as being a "carpetbagger."
"I've been reading a lot about Daniel Loeb, a hedge fund guy who describes himself as an activist but who knows nothing about our business, and he is looking to take scalps at Sony because two movies in a row underperformed?" Clooney said to Fleming, referencing recent flops "White House Down" and "After Earth," two Sony releases that Loeb compared to notorious bombs "Waterworld" and "Ishtar." (As Kevin Costner has said in the past, "Waterworld" wasn't actually a failure.)
"When does the clock stop and start for him at Sony? Why didn’t he include 'Skyfall,' the 007 movie that grossed a billion dollars, or 'Zero Dark Thirty' or 'Django Unchained'?...
"I've been reading a lot about Daniel Loeb, a hedge fund guy who describes himself as an activist but who knows nothing about our business, and he is looking to take scalps at Sony because two movies in a row underperformed?" Clooney said to Fleming, referencing recent flops "White House Down" and "After Earth," two Sony releases that Loeb compared to notorious bombs "Waterworld" and "Ishtar." (As Kevin Costner has said in the past, "Waterworld" wasn't actually a failure.)
"When does the clock stop and start for him at Sony? Why didn’t he include 'Skyfall,' the 007 movie that grossed a billion dollars, or 'Zero Dark Thirty' or 'Django Unchained'?...
- 8/2/2013
- by Christopher Rosen
- Huffington Post
Exclusive: George Clooney, who yesterday sent his Smokehouse Pictures partner Grant Heslov to Hollywood to show Sony and Fox a first cut of their Oscar-season period film The Monuments Men, has spent most of his career navigating the challenge of making provocative movies at studios obsessed with tentpoles. While he’s won Oscars — the latest the Best Picture prize he shared with Heslov and producer-director Ben Affleck for Argo — Clooney is also the guy who kept a photo of himself as Batman prominently displayed on his office wall, as a cautionary reminder of what can happen when you make movies solely for commercial reasons. Working on post-production for his latest directing effort in Italy to ready for Sony’s December 18 release, Clooney spoke to me about his new movie and how it’s getting harder to make films like Monuments, Argo and the Smokehouse-produced August: Osage County. The discussion turned...
- 8/2/2013
- by MIKE FLEMING JR
- Deadline
The surprise announcement that former Fox film studio co-chairman Tom Rothman will preside over a revitalized TriStar production company at Sony Pictures has some industry insiders wondering whether the hire is the forerunner of more change at the company. As hedge-fund billionaire and Sony investor Daniel Loeb continues to agitate about the studio's spending — he recently complained, with colorful exaggeration, that with After Earth and White House Down, Sony had released "2013's versions of Waterworld and Ishtar back to back" — the news of Rothman's new deal set off furious speculation. What is clear to industry veterans
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- 8/2/2013
- by Kim Masters
- The Hollywood Reporter - Movie News
Activist investor Daniel Loeb made an appearance Thursday on Sony Corp.'s earnings conference call for overseas investors, asking about the underlying profitability of the conglomerate's film unit. The company had reported a $38 million operating profit for the film unit, citing the sale of a music publishing catalog as providing a key $106 million one-time benefit that offset lower theatrical revenue. Loeb, who has been pushing for an Ipo of the Sony entertainment business via his hedge fund Third Point, asked again during the call how much the sale brought in. Sony's CFO Masaru Kato responded that it
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- 8/1/2013
- by Georg Szalai, Gavin J. Blair
- The Hollywood Reporter - Movie News
The new report should provide more fodder for the campaign by hedge fund titan Daniel Loeb to revamp Sony’s entertainment operations. With disappointing results from After Earth and a drop in home video sales, Sony says today that the studio’s revenues “decreased significantly” in Q2. The results are complicated, though. When you factor in currency exchange rates, a $106M gain from the sale of Sony Pictures’ music catalog, and higher TV ad sales in India, the Pictures unit’s revenues increased 3.6% vs the period last year to $1.6B with operating income of $38M, up from a loss. Sony’s music operation did better with help from releases including Pink’s The Truth About Love and Justin Timberlake’s The 20/20 Experience. Its sales improved 13.3% to $1.1B with operating income +48.1% to $109M. Despite the weak movie numbers, investors pushed Sony shares up 3.6% in pre-market trading as the electronics company generated a $35M profit,...
- 8/1/2013
- by DAVID LIEBERMAN, Financial Editor
- Deadline TV
Sony Corp. reported a higher than expected first-quarter operating profit on Thursday, boosted by strong sales of smartphones in Japan and rising shipments of image sensors to phone makers. The bump in profitability may not be enough to please activist shareholder Daniel Loeb, whose New York-based Third Point hedge fund is proposing Sony spin off as much as one-fifth of the company's entertainment assets. Also read: Daniel Loeb Slams Sony Entertainment Execs for Summer Flops, Poor Oversight The maker of PlayStation game consoles and Bravia TVs logged an operating profit of $369.68...
- 8/1/2013
- by Reuters
- The Wrap
It's looking like Sony is going to tell Daniel Loeb thanks but no thanks for his proposal that the company spin-off its entertainment assets into a separate, privately traded company. Sony Corp.'s board is leaning towards rejecting the proposal by the activist investor after it met this week, according to a report in the Nikkei. Sony Pictures Entertainment had no comment on the report, which comes a day before its parent company in Japan releases its latest quarterly earnings. Loeb runs Third Point Management, the largest shareholder in the media and technology...
- 7/31/2013
- by Brent Lang
- The Wrap
Update 4:01 Pm Pt: Sony just sent the following statement in response to Loeb's comments: "Sony is focused on creating shareholder value by executing on our plan to revitalize and grow the electronics business, while further strengthening the entertainment and financial service businesses, which generate stable profit. The Sony Board of Directors, as previously noted, is reviewing its proposals. Sony looks forward to continuing a constructive dialogue with our shareholders as we pursue our strategy." ---- Previous: Activist investor Daniel Loeb came out swinging at the management team behind Sony Pictures, accusing the studio...
- 7/29/2013
- by Brent Lang
- The Wrap
In his regular newsletter to investors in New York-based hedge fund Third Point LLC, Daniel Loeb on Monday slammed Sony Corp.’s entertainment businesses as a “poorly managed” operation with a “famously bloated corporate structure, generous perk packages, high salaries for underperforming senior executives, and marketing budgets that do not seem to be in line with any sense of return on capital invested." Loeb, who has called for Sony to spin off its entertainment businesses since May, described the studio’s summer releases After Earth and White House Down as box-office flops comparable to historic bombs Waterworld and
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- 7/29/2013
- by Alex Ben Block
- The Hollywood Reporter - Movie News
It’s no more Mr. Nice Guy for the founder of hedge fund Third Point, a major investor in Sony. In a letter to his investors today, Daniel Loeb says he’s fed up with the performance of the electronic giant’s movie, TV, and music businesses — which he wants Sony to package in a separate stock, with a minority stake sold to the public. “We were surprised that after Entertainment’s highly touted big budget summer releases — After Earth and White House Down — bombed spectacularly at the box office, CEO [Kazuo] Hirai, speaking at the Allen & Co. Sun Valley conferences a few weeks ago, brushed off these failures saying: ‘I don’t worry about the Entertainment business, it’s doing just fine’,” Loeb says. Calling the films “2013′s versions of Waterworld and Ishtar,” Loeb says it’s “perplexing” that Hirai gave “free passes” to Sony Pictures Entertainment Co-CEOs Michael Lynton and Amy Pascal,...
- 7/29/2013
- by DAVID LIEBERMAN, Financial Editor
- Deadline TV
Listen to (and share) episode 44 of our audio podcast Deadline Big Media With David Lieberman. Deadline’s financial editor talks with host David Bloom about Time Warner Cable’s week all over the news; Yahoo’s billion-dollar buyback from Daniel Loeb; Amazon‘s skyrocketing content costs; and Facebook‘s skyrocketing share prices. Deadline Big Media, Episode 44, (MP3 format) Deadline Big Media, Episode 44, (MP4a format) The M4A version of this podcast is designed to run on any device using Apple’s iTunes software, and includes enhanced graphics and links to stories and other resources. The MP3 version of this podcast is designed to play on virtually any device capable of playing digital audio. To hear past episodes of “Deadline Big Media,” go here: http://www.deadline.com/tag/deadline-big-media/ You can also hear the podcast on iTunes and on Deadline’s SoundCloud page. For those using non-iTunes software to...
- 7/26/2013
- by DAVID LIEBERMAN, Financial Editor
- Deadline TV
Looks like Yahoo is more concerned about the Third Point founder’s intentions than everyone let on early this week when they announced that the company would pay $1.16B for 40M of Daniel Loeb’s shares, bringing his stake below 2%. The agreement also includes an extended standstill agreement, which prevents Loeb from moving against Yahoo management into 2018, according to an SEC filing today. It bars the hedge fund from owning more than 3% of Yahoo’s shares. Loeb can’t solicit proxies or make a shareholder proposal. The activist investor also would need board approval before he could participate in a merger or a restructuring or recapitalization involving one of Yahoo’s subsidiaries or affiliates. The Internet company said that it wouldn’t disparage Loeb and his colleagues, Michael Wolf and Harry Wilson — all of whom will resign from the board at the end of this month. Loeb is an investor...
- 7/25/2013
- by DAVID LIEBERMAN, Financial Editor
- Deadline TV
Shares of Yahoo dropped 4.3 percent Monday after it was learned that activist investor Daniel Loeb and his Third Point hedge fund had sold 40 million of its shares back to Yahoo, representing a pretax, two-year profit of around $610 million for Third Point. The drop was being blamed on the notion that Loeb – who also quit his seat on Yahoo’s board of directors -- must think the stock is at peak value for a while, several analysts said Monday. Story: Yahoo To Buy Back Most Stock Owned by Daniel Loeb, Activist to Leave Board More than 46
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- 7/23/2013
- by Paul Bond
- The Hollywood Reporter - Movie News
Top Yahoo media executive Mickie Rosen is leaving the Internet giant, The Hollywood Reporter has learned. The news comes as activist shareholder Daniel Loeb, the catalyst for upheaval at Yahoo in 2012, announced his resignation from Yahoo's board. Loeb's public push for change at Yahoo led to the hiring of Google executive Marissa Mayer as CEO and a revamp of its board. Rosen, who joined Yahoo in January 2011, has been the top media executive since the departure of former interim CEO Ross Levinsohn in August 2012. Levinsohn is CEO of The Hollywood Reporter's parent company, Guggenheim Digital Media.
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- 7/22/2013
- by Chris Krewson
- The Hollywood Reporter - Movie News
Activist investor Daniel Loeb is leaving the board of Yahoo! Inc., the internet company said Monday. In addition, Yahoo! will repurchase 40 million shares of common stock beneficially owned by Loeb's hedge fund Third Point. The stock will be sold for $29.11 per share. Also read: What Does Activist Investor Dan Loeb Want With Hollywood? As Business Insider notes, Loeb's hands-on role in the company has reaped big profits for the investor. The site reports that Loeb bought his stake at between $13 to $15 per share and estimates that Third Point...
- 7/22/2013
- by Brent Lang
- The Wrap
Yahoo shares are down more than 3% this morning after the company said that it has bought back most of the shares owned by Third Point’s Daniel Loeb — leading him and colleagues Harry Wilson and Michael Wolf to resign from the board at the end of this month. ”Since our Board’s rigorous search led us to hire Marissa Mayer as CEO, Yahoo!’s stock price has nearly doubled, delivering significant value for shareholders,” Loeb says. “I’m confident that with Marissa at the helm and her team’s focus on innovation and engaging users, Yahoo! has a bright future.” The agreement to buy 40M of Loeb’s shares, at $29.11 apiece, will bring his stake in the company below 2% — and will count toward the company’s plan to repurchase $1.9B of its stock. Loeb is an investor in Variety with Deadline’s parent company Pmc. The sale makes sense for Loeb,...
- 7/22/2013
- by DAVID LIEBERMAN, Financial Editor
- Deadline TV
Yahoo said Monday that it has entered into an agreement to repurchase 40 million shares of its common stock from activist investor Daniel Loeb's Third Point. The purchase price of $29.11 per share means the price tag on the deal amounts to more than $1.16 billion. The price equals the closing price of Yahoo common stock on Friday. Following the repurchase, Third Point will beneficially own approximately 20 million shares, representing less than 2 percent of Yahoo's outstanding common stock. Loeb, who is also currently pushing Sony Corp. for changes, helped press for changes at Yahoo and played
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- 7/22/2013
- by Georg Szalai
- The Hollywood Reporter - Movie News
Sony Corp. CEO Kazuo Hirai on Wednesday said at the Allen & Co. gathering of media and technology moguls that the conglomerate's entertainment business is doing well and that the electronics unit remains his biggest headache. Activist investor Daniel Loeb has been pushing Sony to spin off a stake in its entertainment business. The CEO has previously said that the company's board would consider the suggestion. Hirai, who is attending the Sun Valley gathering with Michael Lynton, CEO of Sony Entertainment, on Wednesday didn't provide latest commentary on the state of discussions. Photos: Jamie Foxx and Channing Tatum: Exclusive Portraits of
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- 7/11/2013
- by George Szalai
- The Hollywood Reporter - Movie News
Over the weekend, Sony Corp.'s film studio was dealt its second box-office disappointment of the summer in the form of action film White House Down as it continues to face a call from activist shareholder Daniel Loeb for a partial spin-off of its entertainment businesses. The movie, starring Channing Tatum and Jamie Foxx, opened to a dismal $25.7 million domestically after costing at least $150 million to produce, excluding a $150 million-plus marketing spend. Meanwhile, Will and Jaden Smith's sci-fi epic After Earth has all but ended its North American theatrical run after four weekends,
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- 6/30/2013
- by Georg Szalai
- The Hollywood Reporter - Movie News
Listen to (and share) Episode 40 of our audio podcast Deadline Big Media, With David Lieberman. Deadline’s executive editor talks with host David Bloom about Daniel Loeb‘s latest efforts to persuade Sony to partly spin off its entertainment units; whether it’s time to dump the FCC decency rules; DreamWorks Animation’s global TV play; and whither Liberty Media and Charter now that talks have cooled on a possible purchase of Time Warner Cable. Deadline Big Media, Episode 40 (MP3 format) Deadline Big Media, Episode 40 (MP4a format) The M4A version of this podcast is designed to run on any device using Apple’s iTunes software, and includes enhanced graphics and links to stories and other resources. The MP3 version of this podcast is designed to play on virtually any device capable of playing digital audio. To hear past episodes of Deadline Big Media, go here. You can also...
- 6/21/2013
- by DAVID LIEBERMAN, Executive Editor
- Deadline TV
Third Point hedge fund urges Japanese company to create independent board to run partially spun-off entertainment arm
The New-York-based hedge fund Third Point has said it has raised its stake in Sony and urged the Japanese company to create an independent board to run a partially spun-off entertainment arm with Sony's chief executive, Kazuo Hirai, as its chairman.
Third Point, a $13bn (£8.3bn) hedge fund founded by the billionaire investor Daniel Loeb, last month proposed that the struggling electronics maker conduct an initial public offering for its profitable music and movie business. It said such a move could boost Sony's share price by as much as 60%.
In a second letter to Hirai on Tuesday, in which he again offered to put a Third Point representative on Sony's board, Loeb added to his proposal by suggesting that Sony adopt "a semi-independent governance structure". Loeb argues that the electronics...
The New-York-based hedge fund Third Point has said it has raised its stake in Sony and urged the Japanese company to create an independent board to run a partially spun-off entertainment arm with Sony's chief executive, Kazuo Hirai, as its chairman.
Third Point, a $13bn (£8.3bn) hedge fund founded by the billionaire investor Daniel Loeb, last month proposed that the struggling electronics maker conduct an initial public offering for its profitable music and movie business. It said such a move could boost Sony's share price by as much as 60%.
In a second letter to Hirai on Tuesday, in which he again offered to put a Third Point representative on Sony's board, Loeb added to his proposal by suggesting that Sony adopt "a semi-independent governance structure". Loeb argues that the electronics...
- 6/18/2013
- The Guardian - Film News
Activist investor Daniel Loeb's hedge fund Third Point has slightly increased its stake in Sony Corp. as it continues to push for an Ipo of the conglomerate's entertainment business. Loeb has sent a second letter to Sony CEO Kaz Hirai, reiterating that Sony should sell a stake of 15 percent-20 percent in its film and music businesses. In the letter, he said that Third Point has added 5 million shares to its Sony stake, raising it from 6.5 percent to 6.9 percent. The firm is one of the company's largest shareholders. Story: Sony Posts First Annual Profit
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- 6/18/2013
- by Georg Szalai
- The Hollywood Reporter - Movie News
The hedge fund’s CEO Daniel Loeb disclosed the change, and reiterated his desire for Sony to sell a minority interest in its entertainment assets, in a letter today to Sony CEO Kazuo Hirai. Loeb says that he now controls 70M shares or 6.9% of the total valued at $1.4B, up from the $1.1B stake at 6.4% he held last month. “Given our large stake, we reiterate our offer to serve on Sony’s Board of Directors,” he adds. Loeb believes that Hirai should chair Sony, and a board created for the movie, TV, and music properties if the company follows Third Point’s proposal to sell as much as a 20% stake in them to the public. The entertainment board should include “diverse individuals with deep knowledge of media, entertainment and digital technology, who value creative talent and can institute best practices of governance.” While the letter is respectful — not always a...
- 6/18/2013
- by DAVID LIEBERMAN, Executive Editor
- Deadline TV
“It’s premature at this point in time to speculate one way or the other,” Sony president and CEO Kazuo Hirai told CNBC today when asked whether an investor proposal to sell off portions of the company’s entertainment assets will succeed. The Sony chief made his comments as the company hired Morgan Stanley and Citi to review the proposal from shareholder Daniel Loeb’s hedge fund Third Point. “The process really is, as was described earlier, a discussion that needs happen really at the board level of the organization and we want to make sure that we have a through discussion of the merits of the proposal before we come to any conclusion,” he told the business network. Any discussion of Third Point’s proposal will have to wait until the new Sony board is elected later this month. Related: Who Is Daniel Loeb And What Does He Want With Sony?...
- 5/30/2013
- by THE DEADLINE TEAM
- Deadline TV
There's a chance Spider-Man will finally be included in the Marvel movie universe where he belongs. The Register is reporting that Sony is looking to sell off some of their movie properties, including Spider-Man and Resident Evil. Apparently, Sony Pictures is going through some financial issues. This is basically a cost cutting measure in order to put more work and effort into the company's electronics division. This is the direct quote form the site:
Sony has said that it will consider a proposal from activist investor Daniel Loeb that the group should sell off parts of its music and movies business, which includes popular franchises Spider-Man and Resident Evil and the weepy ballads of Brit crooner Adele.
Sony Chief executive Kazuo Hirai, confirms the news and says the board is actually considering the proposal saying,
Third Point’s proposal involves the way we manage a core business of the Sony...
Sony has said that it will consider a proposal from activist investor Daniel Loeb that the group should sell off parts of its music and movies business, which includes popular franchises Spider-Man and Resident Evil and the weepy ballads of Brit crooner Adele.
Sony Chief executive Kazuo Hirai, confirms the news and says the board is actually considering the proposal saying,
Third Point’s proposal involves the way we manage a core business of the Sony...
- 5/22/2013
- by Joey Paur
- GeekTyrant
Comic book fans have long speculated what the Marvel Cinematic Universe might be capable of should the rights to Spider-Man find themselves under the Marvel/Disney wheelhouse. Sony Pictures has [understandably] held on tight to the Spider-Man film rights for over a decade now, producing a trilogy of films starring Tobey MaGuire while currently overseeing the production of the second in a new series of films currently underway in New York City.
But could their possession of the Spider-Man film rights soon change hands?
A new report has surfaced that suggests Sony may be exploring their options as to how they can raise capital for their fledgling hardware divisions by selling off several of their numerous music and film properties. According to CEO Kazua Hirai, Sony is currently considering a proposal from investor Daniel Loeb and his hedge fund company Third Point that would see Sony selling off several of their...
But could their possession of the Spider-Man film rights soon change hands?
A new report has surfaced that suggests Sony may be exploring their options as to how they can raise capital for their fledgling hardware divisions by selling off several of their numerous music and film properties. According to CEO Kazua Hirai, Sony is currently considering a proposal from investor Daniel Loeb and his hedge fund company Third Point that would see Sony selling off several of their...
- 5/22/2013
- by Adam B.
- GeekRest
Comic Book Therapy points to a report which seemingly indicates that Sony are considering a proposal from investor Daniel Loeb and his hedge fund company Third Point. What proposal? Well, they've been struggling financially for quite some time now and while they're not exactly going to go bust anytime soon, they may be forced to sell some assets in order to both save and make some money. Loeb has suggested that they sell some of their entertainment properties, including the Resident Evil and Spider-Man franchises. Sony Chief executive Kazuo Hirai has confirmed to investors that they are indeed considering this proposal in order for them to focus on their electronics division. "Third Point’s proposal involves the way we manage a core business of the Sony group and the direction of our management. So the Sony board will give it thorough consideration before replying to Mr Loeb." Whether this actually...
- 5/22/2013
- ComicBookMovie.com
A version of this story first appeared in the May 31 issue of The Hollywood Reporter magazine. With U.S. ticket sales already down 11 percent this year and the number of big-budget movies sharply up, summer 2013 is turning into a nail-biter for Hollywood. Volatile political situations at several studios are making matters worse for top executives. The Hollywood Reporter breaks down the major risks for each studio and the executives who will be sweating in their corner offices. Sony Sony Pictures' parent has denied that the division is for sale but activist shareholder Daniel Loeb now
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- 5/22/2013
- by Pamela McClintock, Kim Masters
- The Hollywood Reporter - Movie News
The board of Sony Corp. may evaluate a proposal from one of its major investors that would see the entertainment and technology company spin off portions of its entertainment division, according to a report on the Japanese daily Nikkei. Also read: Major Sony Shareholder Calls for Company to Spin Off Entertainment Hedge fund Third Point and its billionaire CEO Daniel Loeb have argued that jettisoning Sony's movie and TV studio and its record label would allow it turn its attention to revitalizing its struggling electronics business. In a letter addressed to CEO...
- 5/21/2013
- by Brent Lang
- The Wrap
The company’s U.S. stock closed +9.3% today — at $22.91, the highest it’s been since late 2011 — in unusually heavy trading after Japan’s Nikkei news service reported that Sony‘s board will explore the proposal from billionaire Daniel Loeb‘s Third Point. Sony was noncommittal last week when the hedge fund disclosed that it had paid $1.1B for a 6.4% stake in the electronics giant, and wanted it to create a separate stock for the movie, television, and music production and distribution operations. Loeb proposed that Sony sell as much as 20% of the entertainment unit, and use the cash to shore up the core electronics businesses. Sony shares have appreciated about 16% since then. (Third Point partnered with Deadline’s parent Penske Media Corp in its acquisition last year of Variety.) Related: Who Is Sony Investor Daniel Loeb And What Does He Want With It?...
- 5/21/2013
- by DAVID LIEBERMAN, Executive Editor
- Deadline TV
Listen to (and share) episode 35 of our audio podcast Deadline Big Media With David Lieberman. Deadline’s executive editor joins host David Bloom to discuss the advertising upfronts this week, including the CBS victory lap and whether an auto ad spending blitz will finance this year’s pricey programming; Daniel Loeb’s (and possibly Les Moonves’) plans for Sony; and National CineMedia’s whiz-bang new technologies to give exhibitors and studios more bang for their in-theater ad bucks. Deadline Big Media, Episode 35 (MP3 format) Deadline Big Media, Episode 35 (MP4a format) The M4A version of this podcast is designed to run on any device using Apple’s iTunes software, and includes enhanced graphics and links to stories and other resources. The MP3 version of this podcast is designed to play on virtually any device capable of playing digital audio. To hear past episodes of “Deadline Big Media,” go here: http://www.
- 5/17/2013
- by DAVID LIEBERMAN, Executive Editor
- Deadline TV
Daniel Loeb, CEO of Third Point, LLC, Sony’s largest investor, is not entirely pleased with the company’s efforts to return to profitability, as he thinks that not enough is being done. Controlling $1.1 billion worth in the company’s shares, equivalent to about 6.5% of the company, Loeb’s offered a suggestion. This proposal carries out a plan that would split Sony Entertainment and Sony Electronics, a move he explained in a personal letter to Sony’s CEO Kaz Hirai. The letter suggests that the electronic super power should “partially spin-off” Sony Entertainment, the part of the company dealing with music publishing, production of movies and TV shows.
Loeb believes that the fact that Sony has two large and powerful businesses that deal with many different challenges and issues which end up working against the company, as they “[obscure] the other’s true worth.”
In fact, Loeb’s proposal included allowing...
Loeb believes that the fact that Sony has two large and powerful businesses that deal with many different challenges and issues which end up working against the company, as they “[obscure] the other’s true worth.”
In fact, Loeb’s proposal included allowing...
- 5/15/2013
- by Moira-Christelle Ghazal
- We Got This Covered
The billionaire founder of hedge fund Third Point startled many in entertainment today with the news that he has paid $1.1B for a 6.4% stake in Sony – and wants the company to create a stock for its movie, TV, and music businesses, selling as much as 20% to the public. But on Wall Street, where Daniel Loeb is an A-list celeb, the big surprises are that he showed any interest in showbiz — and that his language in the letter he sent to Sony was so polite. As a value investor managing more than $13B, Loeb, 51, likes to engage in deep research and then bet on relatively boring companies and assets that others overlook. Third Point’s most recent quarterly investor letter highlights its holdings in International Paper and mortgages, as well as John Malone’s European cable company Liberty Global. Although Loeb was raised in Los Angeles, the son of a lawyer and an historian,...
- 5/15/2013
- by DAVID LIEBERMAN, Executive Editor
- Deadline TV
Hedge-fund manager Daniel Loeb has urged Sony to partially spin off its entertainment division in a letter addressed to CEO Kazuo Hirai on Tuesday. In his letter, Loeb not only suggested Sony make some of its shares in the entertainment division public, he offered to facilitate a public offering. He argued that offering shareholders and other investors the opportunity to own some of Sony's entertainment division -- including the movie and TV studio and the record label -- would enable the company to focus on its electronics division and offload some...
- 5/14/2013
- by Lucas Shaw
- The Wrap
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