Third Point also wants sales of its stakes in Sony Financial, M3 Inc, Olympus Corp. and Spotify, which it estimates currently account for about 20% of Sony's market capitalization. Doing so would give the company cash to invest in its main entertainment business: gaming, music and movies, it said. Loeb was less concerned with Sony's legacy electronics businesses, which make TVs, cameras and mobile phones. These assets are smaller than the entertainment operations and they're "no longer the drag on profitability that they were six years ago," Third Point said. Cash flow from electronics can be reinvested into entertainment, it added. This is the second time Loeb has agitated for changes at Sony. In 2013, Third Point bought a stake and proposed a partial spin off and initial public offering of the company's entertainment business. He was unsuccessful. Loeb has been known for his aggressive tactics and so-called poison pen letters that criticize companies' management teams.