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Latest Business News: Sony Under Pressure to Spin Off Entertainment Unit

Wochit 1:06 mins

Sony is once again being squeezed by one of its biggest investors to split itself up by spinning off its entertainment division. Third Point hedge fund founder Daniel Loeb sent a letter to Sony CEO Kazuo Hirai urging him to set up a semi-independent board to run a spun-off and public entertainment company. Loeb recently upped his fund's investment in Sony to 70 million shares, or almost 7 percent of the company, a stake worth around $1.4 billion. According to the software giant, it sold 114,000 Xbox 360 units in the U.S. in May, leading all other console makers. By beating its competitors, Microsoft was able to nab its 29th consecutive month as the leading console seller in the U.S Royalty Pharma let its takeover bid for Irish drugmaker Elan lapse,as it decided against pressing ahead with a court challenge of a requirement that it withdraw the offer.

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