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Sony Corporation Sends Letter To Third Point LLC; Continuing To Own 100% Of Entertainment Businesses


Tuesday, 6 Aug 2013 02:33am EDT 

Sony Corporation announced that it has sent a letter to Third Point LLC following a unanimous vote of Sony’s Board of Directors. The letter outlines that the Board and management team strongly believe that continuing to own 100% of the Company’s entertainment businesses is fundamental to Sony’s success, and that a rights or public offering is not consistent with the Company’s strategy for achieving sustained growth in profitability and shareholder value. The letter sets out a number of reasons, including; Sony believes its entertainment businesses will benefit from these trends, and the Company's shareholders will benefit from owning all, rather than a part, of these valuable assets; and Full control of Sony’s entertainment businesses drives internal collaboration, facilitates synergies, and allows the Company to be more nimble. Sony believes that the opportunities for collaboration among Sony’s businesses are numerous and increasing, and a rights or public offering would create the need for otherwise unnecessary and burdensome arm’s length intercompany relationships as a result of minority shareholder rights, thereby limiting Sony’s control and strategic flexibility. Sony’s Board and management believe it has adequate capital resources to fund its business plans.