You're doing better Sony (SNE), but not good enough... yet.
That's the latest message from Dan Loeb, the firebrand hedge fund manager known for vociferously agitating for changes at some of the world's largest tech firms.
In a sign of "increased confidence," Loeb's Third Point hedge fund increased its stake in Sony to 70 million shares, or roughly 7%, from 6% in May.
At least part of Loeb's confidence seems to come from an expectation that the company will eventually do as he says. Loeb is pushing Sony to execute a partial spin-off of its entertainment division through an IPO, which would keep its electronics division separate.
Sony has repeatedly said the entertainment division is not for sale.
Loeb's involvement in the future of a company is a double-edged sword that cuts for or more often against management incumbents. If Loeb gets his way, Sony's CEO, Kazuo Hirai, would see his control over Sony diminished.
In a letter to Hirai obtained by CNNMoney, the activist investors best known for pushing for change at Yahoo! (YHOO) reiterated his request for a board seat.
Calling Sony's Entertainment division, a "sleeping giant," Loeb said that division needs a new board composed of individuals with "deep knowledge of media, entertainment, and digital technology."
A Sony spokesperson reiterated that the company will conduct an appropriate review of the Third Point proposal, but would not comment on specifics.
Sony may not have had much to say but StockTwits traders did.
Should be an interesting meeting. Neither Hirai nor the board has invited Loeb to discuss his proposals in person. They'll be gathering in Tokyo this Thursday.
Investors quickly responded to Loeb's latest overtures. The stock has been up more than 3% for the bulk of the day.
With a partially, semi-autonomous entertainment division, Loeb has said he wants Hirai to remain chairman of both boards-- a consolation prize of sorts if Loeb wins this battle.
One trader on StockTwits thinks that Loeb might find a band of Sony brothers willing to go to battle with him.
Troubled electronics retailer Best Buy said Thursday that it has teamed up with Samsung to create boutique shops in more than 1,400 U.S. stores.
Best Buy founder Richard Schulze, who owns 20% of the retailer's shares, had been trying to buy the company for months. But a March 1 deadline came and went without a final offer.
Best Buy CEO Hubert Joly has been cutting staff and closing stores to try to MORECatherine Tymkiw - Apr 4, 2013 1:08 PM ET
Investors have plenty of questions about the future of RadioShack following a dismal earnings report, but the electronics retail is still claiming to have the answers.
As it delivered a surprise $21 million loss for the second quarter, RadioShack (RSH) said it would also suspend its dividend program to help bolster its balance sheet. A balance sheet that's saddled with $679 million of debt, including an upcoming debt maturity of $375 MOREHibah Yousuf - Jul 25, 2012 12:25 PM ET
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