Sony Corp. is set to reject an initial public stock offering proposal for its entertainment unit by hedge fund Third Point, according to a report by Japanese news outlet Nikkei. Nikkei first reported the rejection plans, after which shares of Sony Corp. to drop by approximately 3 percent. According to Bloomberg, a Sony Corp. spokesperson has said Sony’s board and management will continue to review the proposal.
Third Point possesses 6.9 percent of Sony Corp.’s shares. The company proposed to sell a maximum of 20 percent of Sony’s music, film and television divisions to the public in an initial public offering.
The music division reported a 13.3 percent revenue increase of $1.13 billion in the second quarter, according to Billboard. There was also a 48.1 percent operating income of $109 million. Due to a weak yen, however, the division’s sales were “essentially flat,” compared to 2012’s second quarter.

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Spotify reported approximately $578 million in revenue last year, according to the New York Times. That marks a 128 percent increase from 2011, according to a filing from Spotify’s Luxembourg holding company. However, the company also lost $78 million last year, up from $60 in 2011.
The company offers millions of songs for free and through monthly $10 subscriptions, thus eliminating ads and offering features not available to users who do not pay for a subscription. Spotify is now in 28 markets worldwide; in March the company reported it had 24 million active users (including a quarter of them being paying customers).

Music City Roots: Live From The Loveless Cafe will premiere its inaugural 13-week season of one-hour shows on Nashville Public Television on Friday, Sept. 13. The first airing will begin at 7 p.m. CT. The series will then air on several public television stations around the country, distributed by American Public Television.
According to musiccityroots.tumblr.com,WNET (New York), WGBH (Boston) and KLRU (Austin, Texas), along with stations in Los Angeles, Phoenix, Cincinnati and Washington, D.C., have also signed on to present the series.
Buddy Miller, Shawn Camp, Elizabeth Cook, 18 South, Bobby Bare, Humming House, Derek Hoke, Rod Picott, Kevin Gordon, Leon Russell, Honeyhoney, Langhorne Slim, Della Mae, The Delta Saints, Jon Byrd and Dugas are all slated to appear during the first season of the television series Music City Roots: Live From The Loveless Cafe, along with Jim Lauderdale as musical host.

The Americana Music Festival and Conference‘s Honors and Awards show has added nominees Emmylou Harris and Rodney Crowell, along with Stephen Stills and Ken Burns, to its roster of this year’s presenters and performers. The awards show will take place at Nashville’s Ryman Auditorium on Sept. 18. The conference will be headquartered out of Sheraton Nashville Downtown hotel from Sept. 18-22.
RIAA chairman Cary Sherman will serve as keynote speaker of the conference. David Lowery, songwriter and guitarist for bands including Camper Van Beethoven and Cracker, will offer an artist’s perspective on various legislative issues. The conference will also feature interviews with Billy Bragg (led by Rob Reinhart of Acoustic Cafe), Rosanne Cash (interviewing with Bob Harris of BBC), Dr. John (with Nick Spitzer of NPR’s American Routes), as well as Delbert McClinton and Glen Clark (conducted by Jim Jusilli of the Wall Street Journal).
Additional artists were previously announced.
Visit musicrow.com next week for an exclusive interview with Americana Music Association Exec. Dir. Jed Hilly.