Sony to reject Loeb proposal, shares tumble

THE DEVIL & DANIEL LOEB: Sony’s US-traded shares sank 2.7% after Nikkei reported the company is poised to reject Daniel Loeb’s proposal for an IPO of Sony Music and Sony Pictures. The stock tumbled to $21.04, its lowest close in a month. The Sony board raised objections to the sell-off plan from Loeb’s Third Point hedge fund, according to the Nikkei story, which Bloomberg picked up. Meanwhile, Loeb and Yahoo CEO Marissa Mayer, whom he pushed to recruit, are not parting on good terms, the New York Post reports. Loeb, who stepped down from Yahoo’s board after unloading the bulk of his shares, clashed with Mayer over the company’s strategy, in particular cost-cutting, according to sources close to the board. Loeb wanted mass layoffs, while Mayer opted for minor trims. (8/2a)

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