U.S.-based hedge fund Third Point on Tuesday said it has lifted its stake in Sony and urged the Japanese electronics giant to spin-off its entertainment business.
Sony appears to be regaining its competitive edge and as a sign of its increased confidence in the company, Third Point has raised its stake to 70 million shares valued at 136.5 billion yen ($1.4 billion), the hedge fund's CEO Daniel Loeb said in a letter that was seen by CNBC.
The billionaire investor reiterated his call to spin-off Sony's entertainment division and offer to sit on Sony's Board of Directors.