As some of you may recall, early last week, hedge fund manager Dan Loeb continued his public call for Sony to dump its entertainment division, writing that it was "perplexing" that CEO Kazuo Hirai had zero sense of shame about releasing "After Earth" and "White House Down," i.e. "2013's versions of Waterworld and Ishtar." The Third Point manager went on to say that that the division is "being ineffectively overseen" and that it should be someone other than Sony's job to worry about its "troubling results." Loeb obviously wrote the letter and demanded the changes with the belief that, as one of the company's largest investors, he had the right to weigh in. One person who felt differently was George Clooney, who late last week took the opportunity to offer that, in his opinion, Dan Loeb doesn't know dick about the movie industry. Clooney described Loeb as a "carpetbagger," a fear monger, and an interloper with zero knowledge of what it takes to make good movies, whose influence would only result in the production of "tent poles" and "crap."
So it was somewhat surprising to hear Loeb, who earlier this week received word that Sony would be declining the advice to spin off the entertainment division, say in an interview that he and GC are basically totally on the same page.
“Notwithstanding the fact that the media likes to create a stir, I admire Mr. Clooney’s passion for Sony and his loyalty to Sony and his friends there,” said Loeb, suggesting that he and Clooney share a “common goal” in that “a more disciplined company with better allocation of capital means less money spent on bureaucracy and more investment in motion pictures. We are all for intelligent investment in creative content. I believe our interests are aligned in a way he probably doesn’t realize.”
Two souls, one heart. Two guys, pulling on the same end of the rope. Two brothers, from another mother. Two dudes, who people might mistake for twins. When you stop looking at how we're different, you realize we're the same. And that it could've been either one of us in Syriana.
Daniel Loeb Vows to End Sony Spinoff Quest, At Least For Now [Variety]
Earlier: Dan Loeb’s Unsolicited Thoughts On The Movie Industry Leave George Clooney Wondering If Dan Loeb Should Be Offering His Unsolicited Thoughts On The Movie Industry