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  "documentTitle": "Sony Corporation (6758.T)",
  "authorId": "05_Third_Point",
  "authorName": "Third Point",
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  "presentationDate": "2019-06-13 00:00:00",
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  "notes": "This slide presents the core investment thesis for the 'New Sony' entity.",
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      "text": "New Sony will benefit from perceived \"scarcity value\": High growth, low capital intensity, and levered to the most important secular growth drivers across the media space.",
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      "text": "New Sony’s financial profile (low leverage, high free cash flow conversion, and untapped balance sheet capacity from potential monetization of listed stakes) would allow Sony to aggressively capitalize on organic and inorganic growth opportunities. New Sony will have the enviable ability to both grow aggressively AND return capital to shareholders",
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      "text": "Following a spin of Semiconductors, Sony will emerge as a focused entertainment company with leading global positions in Gaming, Music, and Film. #1 video game company globally (SIE) and top 10 mobile game studio globally (Aniplex). #1 music publisher (Sony/ATV), #2 recorded music company (Sony Music). Top 5 film/TV studio (Sony Pictures), Top 5 Indian pay-TV network group (SPN India).",
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      "text": "New Sony will benefit from perceived “scarcity value”: High growth, low capital intensity, and levered to the most important secular growth drivers across the media space: Accelerating growth in console gaming engagement and revenue driven by online multiplayer, in-game purchases and new commercial models (e.g. free-to-play, subscription). Shift in video and music consumption to subscription-based on-demand streaming services (e.g. Netflix, Amazon Video, Spotify, Apple Music) resulting in margin expansion for content owners. Rising strategic value of music rights and TV/film IP & libraries, given increasing competition among new distribution platforms (e.g. Netflix, Amazon, Apple, Warner, Hulu, Disney+, etc.).",
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      "text": "New Sony: A creative entertainment leader",
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