Activist investor Dan Loeb disclosed a $1.5 billion stake in Sony Corp. and pushed the company to make dramatic changes, including spinning off its semiconductor business and listing it in Japan.
Sony’s shares rose 3.1% in Tokyo after Loeb’s Third Point published a letter and 102-page presentation pushing for changes at the Japanese media and electronics giant, including sales of its insurance business and stakes in companies like Spotify Technology SA. If the company spins off the semiconductor business and executes on its long-term vision, the newly independent entity could be worth $35 billion within five years, according to the New York-based hedge fund firm.
