Sony to keep assets

OWNING UP: In Tokyo today, Sony Corp. announced that it has decided to reject Daniel Loeb’s proposal to sell Sony Music, Sony Pictures and Sony/ATV through an IPO, The Wall Street Journal reports. In response Loeb’s Third Point issued a press release expressing its disappointment at the rejection, stating that it "looks forward to an ongoing dialogue with management and intends to explore further options to create value for Sony shareholders." Sony said that it had concluded that its entertainment businesses were fundamental to the struggling company’s success, and that it was in Sony's best interests to own all, and not part of, the content business. The news sent Sony stock down more than 5% in late afternoon Tokyo trading. (8/6a)