Dan Loeb calls Sony unit a red-headed stepchild

Sony investor Dan Loeb has criticised the electronics firm for treating its entertainment division “like its red-headed stepchild”. Loeb, who is pushing Sony to sell off its film and music unit, said the business “remains poorly managed, with a famously bloated corporate structure”. In his quarterly letter to investors in the Third Point hedge fund, Loeb also criticised Sony’s movie releases. “To us, these latest blunders are prima facie evidence of our thesis that Entertainment’s US-based business is being ineffectively overseen.”