Sony news on Monday about Daniel Loeb setting his sights on the company has SNE stock up.
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According to the recent report, Daniel Loeb hedge fund Third Point is looking to increase its stake in Sony (NYSE:SNE). The reports claim that the hedge fund is raising between $500 million and $1 billion to purchase SNE shares with.
The goal behind these reported actions by Third Point is to gain enough power to advocate for change at Sony. The reports also note that the hedge fund believes that Sony’s movie studio has caught the eye of Netflix (NASDAQ:NFLX) or Amazon (NASDAQ:AMZN) for a possible takeover.
The sources behind the Sony news also claim that Third Point has other questions about the company’s business. This includes how its semiconductor and insurance divisions mesh with the rest of the business.
This bit of Sony news also ins’t the first time that Third Point has taken an interest in the company. A similar series of events took place back in 2013 and saw Loeb seeking to make changes at the Japanese electronics company, reports CNBC.
Sony and Third Point are both refusing to comment when it comes to the recent Sony news. It’s also worth pointing out that the sources behind the story are remaining anonymous due to the confidential nature of the news.
SNE stock was up 8% as of Monday afternoon, but is down 11% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.