Sony Won't Sell Off Any Of Its Entertainment Unit

Sony's board of directors has unanimously spurned activist investor Daniel Loeb's call for it to sell off part of its entertainment properties and use the funds to bolster its flagging electronics business. In a letter to Loeb, CEO of Third Point, the board said that continuing to hold on to 100 percent of its entertainment assets, which include Sony Pictures and Sony Music, was fundamental and critical to the overall performance of the company. In a low-key response, Third Point said that it looks forward to an ongoing dialogue with management and intends to explore further options to create value for Sony shareholders


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