Sony Surges After Report Loeb's Third Point to Push for Changes

Sony Corp. shares soared in Tokyo trading after a report that Daniel Loeb’s hedge fund Third Point is building a stake in the Japanese electronics giant as part of an effort to sway its corporate strategy.

Third Point is aiming to raise between $500 million to $1 billion for a dedicated investment vehicle to buy more Sony shares, Reuters reported, citing people familiar with the matter, and it’s pushing the sprawling Japanese company to explore options for some of its business units. The hedge fund believes Amazon.com Inc. and Netflix Inc. may have interest in taking over the company’s movie studio. It’s also questioning how the semiconductor and insurance units fit with the organization, according to Reuters.