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Sony surges on report Third Point's Daniel Loeb is targeting the company once again, building stake

Key Points
  • Shares of Sony soared after a report that Daniel Loeb's hedge fund Third Point is again building a stake in Sony to advocate for changes.
  • The reported stake represents the second time in six years the hedge fund has targeted Sony, which has over the years ceded its leadership in electronics.
  • The hedge fund thinks that Sony's movie studio has garnered takeover interest from the likes of Amazon and Netflix, sources familiar tell Reuters.
Dan Loeb, founder and chief executive officer of Third Point.
Amanda Gordon | Bloomberg | Getty Images

Shares of Japanese electronics conglomerate Sony surged after a Monday report that Daniel Loeb's hedge fund Third Point is building a stake in the company and plans to agitate for changes.

In Tuesday's trading session, Tokyo-listed shares of Sony jumped around 6% in morning trade.

That followed the New York-listed stock soaring more than 8% in Monday's stateside session after Reuters reported that Third Point is raising an investment vehicle to generate between $500 million and $1 billion so it can continue to buy Sony shares.

Third Point, which oversees about $14.5 billion in assets, declined to comment on this article. Sony did not respond to CNBC's request for comment. Reuters did not learn the size of Third Point's current position in Sony.

The reported stake represents the second time in six years the hedge fund has targeted Sony, which has over the years ceded its leadership in the electronics space to the likes of iPhone maker Apple and other consumer-focused technology companies.

The company's stock was down more than 10% in the last 12 months before the Reuters story.

However, Third Point does hope Sony will consider certain strategic options for some of its business segment. The hedge fund believes that Sony's movie studio has garnered takeover interest from the likes of Amazon and Netflix, sources familiar with the situation told Reuters.

During Loeb's 2013 battle against Sony, the manager was particularly critical of its entertainment segment, which he deemed "poorly managed."

At that time, the billionaire activist for months pushed Sony to spin off the entertainment unit as the Japanese company struggled against more innovative competitors. Sony later rejected Loeb's call for a spinoff, saying in a letter that the board and management team "strongly believe that continuing to own 100 percent of the company's entertainment business is fundamental to Sony's success."

For the original Reuters report, click here.

— CNBC's Eustance Huang contributed to this report.