Sony CEO Kazuo Hirai has revealed that the company will not sell of a portion of its entertainment business as previously requested by investor Daniel Loeb of Third Point LLC.
In response to the shareholder [via], Hirai wrote "after careful review, the Sony Board of Directors has unanimously concluded that continuing to own 100% of our entertainment business is the best path forward and is integral to Sony's strategy.
"Sony Pictures and Sony Music are critical elements of our strategy and fundamental drivers of Sony's growth for the future," Hirai wrote, later adding, "I am personally involved in the oversight of these businesses and firmly committed to assuring their growth, to improving their profitability, and to aggressively leveraging their collaboration with our electronics and service businesses."
Hirai also said that Sony is committed to its electronics division and is in the process of making changes for the better, "While the industry environment for our electronics business remains challenging, we have made significant progress over the past year, and we are confident that we are on the right path.
"We are also encouraged by the positive feedback from the announcement of the PlayStation 4, which is highly integrated with our leading networks and mobile businesses. We are investing in Mobile, Imaging and Game, and these business units are inextricably linked to our One Sony strategy."
Back inn May, Loeb requested that Sony sold at least a 20 percent stake in Sony Entertainment in order that it may focus its energies on Sony Electronics.