Dow Jones & Co. Chief Executive Officer Lex Fenwick was ousted from the News Corp. division after less than two years on the job, following the tepid reception to a high-end subscription service he championed, according to a person with knowledge of the situation.
Sony Corp. fell as much as 3.1 percent in Japan trading after Nikkei reported the company is poised to reject billionaire Daniel Loeb’s proposal to sell part of the entertainment unit in an initial public offering.
Third Point LLC, the hedge fund led by billionaire Daniel Loeb, increased its stake in Sony Corp. while pushing for talks with the board on a proposed initial public offering of the company’s entertainment business.
Mitsubishi Heavy Industries Ltd. and General Electric Co. agreed to settle their U.S. patent infringement dispute over wind-turbine technology by allowing each other to cross-license their products, according to a statement from Tokyo-based Mitsubishi Heavy yesterday.
Daniel Loeb, the billionaire investor pushing Sony Corp. to sell part of its entertainment units, devoted more than half of his quarterly letter to praising an electronics turnaround and slamming movie flops.