Los Angeles: Sony Entertainment chief executive Michael Lynton will step down to become chairman of the board of messaging app owner Snap Inc, a move that puts an experienced Hollywood executive in a prominent role as the technology company prepares for an initial public offering. Lynton will give up his current position at Sony’s movie and television unit on 2 February but remain as co-CEO for six months to help find a successor, Japanese conglomerate Sony Corp said in a statement on Friday. Snap, the owner of the popular Snapchat app, is expected to go public early this year, vying for a $25 billion valuation. Lynton was an early investor in the company co-founded by 26-year-old CEO Evan Spiegel, and has served on its board for nearly four years. The Venice, California-based company has made a push into news and entertainment content, a strategy that heightened competition with social networks such as Facebook Inc and Twitter Inc. In 2015, it began sharing video and articles fr...
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