Dan Loeb’s Third Point has increased its stake in Sony as it continues to campaign for the Japanese entertainment and electronics giant to spin off its entertainment business.
The New York Times reported that in a letter sent to Sony’s board, Loeb disclosed that New York-based Third Point has raised its stake to 7% from 6.5%.
According to an earlier Evestment report, Loeb believes that breaking off Sony’s entertainment unit could bolster Sony’s share price by as much as 60%.
Loeb has since praised Sony’s positive response to his suggestions, noting that the company has hired banks to weigh in on the possibility of a spin-off.
Third Point’s AuM reached its record high in November with $10 billion in assets.