News Summary: Sony says needs time to mull spinoff

News Summary: Sony chief says time needed to study proposal to spin off entertainment unit

Associated Press

NOT SO FAST: Sony Corp. told shareholders at its annual meeting it needs more time to study a proposal from a U.S. hedge fund to spin off a part of its entertainment unit as a way to propel its fledgling revival.

BUYING OPPORTUNITY: Sony CEO Kazuo Hirai ruled out a quick decision on last month's proposal by one of its top shareholders, Third Point hedge fund, which recently raised its stake in Sony to 6.9 percent.

ABOUT THIRD POINT: It's led by activist investor and billionaire Daniel Loeb, who is best known for instigating a mass shake-up at Yahoo Inc.

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