Sony's chief executive on Friday brushed off suggestions of bitter relations with a US hedge fund boss after the company rejected his call to spin off its entertainment arm.
The affair was widely portrayed as a clash of corporate cultures, pitting a hard-charging foreign billionaire against one of the bedrocks of Japan's staid corporate sector.But on Friday, Kazuo Hirai said there was no acrimony with hedge fund Third Point or its founder Daniel loeb, known for his aggressive style in forcing change at target companies. “They hadn't been harassing us,” Hirai said during a wide-ranging discussion with foreign journalists in Tokyo. “They sent us a very diplomatic letter, as a major shareholder, with some issues and requests... We took their letter and suggestions very seriously.”
Sony's chief added that he has had “numerous” exchanges with loeb since Sony formally announced in August that it would keep all of the unit, which includes a major music label and a Hollywood movie studio.loeb, who said he amassed the largest single stake in the maker of Bravia televisions and PlayStation games consoles.