May 16, 2019 / 6:32 AM / a year ago

Sony to buy back up to 4.8% of stock through March 2020

FILE PHOTO: The Sony logo is seen on a building in the Manhattan borough of New York City, New York, U.S., January 16, 2019. REUTERS/Carlo Allegri

TOKYO (Reuters) - Sony Corp said on Thursday it would buy back shares worth up to 200 billion yen ($1.83 billion), or 4.8% of stock, through March 31, 2020, in an effort to boost shareholder returns.

It follows a share buyback of 100 billion yen, its first ever, announced in February.

Reuters has reported that Daniel Loeb’s hedge fund Third Point LLC is building a stake in Sony again to push for changes that include shedding some businesses.

Reporting by Makiko Yamazaki; editing by Christian Schmollinger

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