(Reuters) – Daniel Loeb’s hedge fund Third Point LLC is building a stake in Sony Corp to push for changes, the second time in six years it has targeted the Japanese electronics maker, people familiar with the matter said on Monday.
FILE PHOTO: Daniel S. Loeb, founder of Third Point LLC, participates in a panel discussion during the Skybridge Alternatives (SALT) Conference in Las Vegas, Nevada May 9, 2012. REUTERS/Steve Marcus/File Photo
Once a market leader in consumer electronics, Sony is now in the midst of a turnaround effort spearheaded by Kenichiro Yoshida, its chief executive who formerly served at its chief financial officer.
The maker of the iconic Walkman and Trinitron TV fell behind the likes of Apple Inc in innovation after the release of the iPod in 2001 and the iPhone in 2007. Sony over the past decade has reinvented itself as an entertainment company with stable revenue from music content and its video game platform.
Investors are now searching for its next source of growth as Sony’s gaming business shows signs of slowing, with its popular PlayStation 4 (PS4) console nearing the end of its cycle.
Third Point’s amassed stake in Sony thus far could not be learned.