Michael Lynton Steps Down as Head of Sony Entertainment

Snapchat

Snap Inc. reportedly filed confidential paperwork in November for a public share offering valuing the messaging platform at more than $20 billion.

Lynton, 57, will stay in his role for six months as he works alongside Sony (SNE) Corporation CEO, Kazuo Hirari, to find a replacement, the company said.

Kazuo Hirai, the president and chief executive of Sony Corp. based in Tokyo, will assume a more hands-on role at the company's movie, television and music division, at least temporarily The New York Times reports that Lynton will step down on February 2. Lynton and his wife, Jamie Alter, became early investors in the Venice, Calif. -based company after seeing their daughters use the service. In those emails it was revealed that Snapchat bought a set of smaller companies, but also indicated the deeper involvement Lynton (an early investor and board member) had with the company and some of the company's future prospects. "Given Snapchat's growth - and my growing role and responsibilities in it - I recently determined that the time was right to make a change", Lynton said in his note to the company. I want to thank Sony Corp - Kaz and Howard Stringer in particular - for their leadership and support over the years, and our excellent teams at Pictures and Music for their unwavering dedication to producing and distributing outstanding entertainment.

Sony later released the movie online. I know that Sony's best days lie ahead! Lynton said in his memo. The company is expected to generate revenue of almost $1 billion this year, according to eMarketing firm.

Snapchat competes fiercely with and its popular photo-and-video app Instagram for users' mobile screen time. He reportedly was one of the people who advised Spiegel to spurn Facebook's now infamous takeover offer worth at least $3 billion.

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