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Sony has cut off sales targets for digital cameras, smart-phones and tablets by 13 to 17 percent for the year to end March 2015.
Kazuo Hirai, Sony CEO said that Sony would  be assessing  a proposal from its biggest shareholder, billionaire Daniel Loeb’s Third Point LLC hedge fund, about the group selling up to a fifth of its music and movies business, which includes artists such as Adele and hit franchises like “Spider-Man”.
Loeb argues a partial spin-off of Sony Entertainment would free up cash to help the struggling electronics division and could boost Sony’s stock price by 60 percent.
Hirai said that proposal was the one that affects a core part of Sony’s business and the direction of their management, so the Sony board will give it thorough consideration before replying to Mr. Loeb.
Sony was also dependent on entertainment and insurance profits to compensate losses from TVs and other consumer devices.
The company trimmed its camera sales target for 2014-15 to 1.3 trillion yen and now expecting its smart-phone and tablet sales of 1.5 trillion yen.
Sony is currently battling with China’s Huawei Technologies HWT.UL and ZTE Corp and South Korea’s LG Electronics for third place in the $225 billion global market behind Samsung Electronics and Apple Inc.
Sony is predicting its operating profit for the current business year to be around 230 billion yen, little changed from last year when it booked one-off gains from selling assets including its U.S. headquarters in New York.
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Sony cuts target for cameras and smartphones; Aims at spin-off plan
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