Who Is Sony Investor Daniel Loeb And What Does He Want With It?

The billionaire founder of hedge fund Third Point startled many in entertainment today with the news that he has paid $1.1B for a 6.4% stake in Sony — and wants the company to create a stock for its movie, TV, and music businesses, selling as much as 20% to the public. But on Wall Street, where Daniel Loeb is an A-list celeb, the big surprises are that he showed any interest in showbiz — and that his language in the letter he sent to Sony was so polite. As a value investor managing more than $13B, Loeb, 51, likes to engage in deep research and then bet on relatively boring companies and assets that others overlook. Third Point’s most recent quarterly investor letter highlights its holdings in International Paper and mortgages, as well as John Malone’s European cable company Liberty Global. Although Loeb was raised in Los Angeles, the son of a lawyer and an historian, he’s known as a New Yorker. He earned an economics degree from Columbia University before he hit Wall Street. After working 12 years for firms including Citibank, Jefferies and Warburg Pincus, he founded Third Point in 1995 with about $3M from family and friends. (more…)

This article was printed from https://deadline.com/2013/05/who-is-daniel-loeb-and-what-does-he-want-with-sony-499415/