Hedge-fund investor Daniel Loeb’s firm has boosted its stake in Sony Corp., ratcheting up a campaign to persuade the Japanese electronics company to launch an initial public offering of its entertainment division.
On Tuesday morning in Tokyo, Mr. Loeb’s Third Point LLC sent a letter from him to Sony Chief Executive Kazuo Hirai that reiterated the billionaire investor’s argument that Sony should sell a 15 percent to 20 percent stake in its entertainment arm, which comprises the company’s well-known movie and music businesses.
