Sony to consider entertainment spin-off
Japanese electronics giant Sony is to consider a partial spin-off of its films and music division after trimming its sales targets for cameras, smartphones and tablet computers.
Chief executive Kazuo Hirai said the group would assess a proposal from its largest shareholder – Daniel Loeb’s Third Point hedge fund – that Sony should sell up to a fifth of its entertainment arm, home to artists such as Adele and the James Bond franchise.
Hirai said there were “encouraging” signs of a revival at Sony’s electronic business but the firm, which aims to launch its latest PlayStation console by the end of this year, cut its forecast for digital camera sales in the year to March 2015 to ¥1.3 trillion (£8.4 billion), from ¥1.5tn previously. Smartphone and tablet targets were cut to ¥1.5tn, from a previous forecast of ¥1.8tn.