Sony board votes to keep entertainment unit, rejects Loeb proposal

Mon Aug 5, 2013 7:23pm EDT

Sony Corp's logo is seen at the company headquarters in Tokyo May 22, 2013. REUTERS/Toru Hanai

Sony Corp's logo is seen at the company headquarters in Tokyo May 22, 2013.

Credit: Reuters/Toru Hanai

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(Reuters) - Sony Corp's board voted unanimously not to sell its entertainment unit, rejecting a proposal from hedge fund manager Daniel Loeb, the company said in a statement on Monday.

Sony sent a letter to Loeb's Third Point LLC giving the result of the vote, saying the board believed that "continuing to own 100 percent of the company's entertainment businesses is fundamental to Sony's success."

(Reporting by Lisa Richwine)

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