Third Point Said to Urge Sony for Entertainment IPO

Third Point, the hedge fund led by billionaire Daniel Loeb, has proposed Sony Corp. sell part of its entertainment business in an initial public offering, according to a letter obtained by Bloomberg News.

Third Point asked Sony to sell as much as 20 percent of the business in an IPO so the company can focus on electronics, according to the May 14 letter given to Chief Executive Officer Kazuo Hirai. The businesses aren’t for sale, Sony said in an e-mailed statement.