Industry News

Check out the latest news and insight from the ever-evolving world of institutional investing and hedge funds from around the globe.

To submit industry-related press releases or request feature ideas please contact editor@evestment.com

News Archive

Read More Industry News >

Sony Cuts Jobs Following Dan Loeb's Pressure to Increase Profits

Mar 17, 2014
Jing Chen

Under pressure from hedge fund manager Daniel Loeb to improve profitability, Japanese entertainment and electronics giant Sony will reportedly cut employees across its studios operations in the U.S. and abroad.

Sony Pictures Entertainment spokesperson Charles Sipkins told Reuters that the company is “continuously evolving the business to make SPE more efficient and competitive.”  

Loeb, whose New York-based hedge fund firm Third Point is a 7% shareholder of Sony, pushed for the company to break off its entertainment unit last year to bolster the Sony’s share price. Sony, in response, hired consultancy Bain & Co. in November to identify more than $100 million in cost cuts through layoffs and other means.

Third Point manages about $10 billion in assets.

 

Read More Industry News >

eVestment’s 2015 Hedge Fund Industry Outlook

Read More