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News Summary: Sony mulls hedge fund's spinoff idea

The Associated Press

SPINOFF: Sony's CEO Kazuo Hirai says the electronics giant's board will discuss a proposal by U.S. hedge fund manager Daniel Loeb to spin off up to 20 percent of its movie, TV and music division.

THE RATIONALE: Loeb said money from the sale could be used to shore up Sony's ailing electronics manufacturing unit. Some analysts say a spinoff could help Sony unlock value from its audio and video content.

THE BACK STORY: Sony has fallen behind powerful rivals such as Apple and Samsung in profitability and innovation. The company is working on improving its electronics business, focusing on mobile devices, imaging and games.