Sony

Sony PlayStation 5 to arrive by holiday 2020

Sony's PlayStation logo against a blue background
Sony

Sony said Tuesday that its next game console, the PlayStation 5, will arrive by next year's holiday shopping season. It also announced the PS5's controllers will feature advanced haptics with variable tension, so shooting a bow and arrow feels more realistic, for example.

Why it matters: Though eagerly awaited by hard core gamers, the new PlayStation will face competition not just from Microsoft's next Xbox, but also from streaming services like Google's Stadia.

Why Sony may concede to Daniel Loeb and sell this time (or not)

The Sony logo is seen in white on a wall as people walk around and look at phones and other tech.
Photo: Nikolas Joao Kokovlis/SOPA Images/LightRocket via Getty Images

Sony shares jumped 8% after Reuters' Svea Herbst-Bayliss and Liana Baker reported that activist investor Daniel Loeb’s hedge fund Third Point was building a stake in the company to push for changes that include shedding some businesses.

The big picture: It's the second time in 6 years Third Point has targeted the Japanese electronics maker, Reuters notes, buying as much as 7% of Sony in 2013, after a weak couple of years for the stock. It then pushed it to spin off its entertainment business but was rejected. (Third Point sold its shares at a 20% profit.)