Sony Entertainment CEO Lynton to step down; to become Snap Inc chairman

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File Photo: Michael Lynton, CEO Sony Entertainment and CEO and chairman Sony Pictures Entertainment, speaks during an investors' conference at the company's headquarters in Tokyo November 18, 2014. REUTERS/Toru Hanai (Copyright Reuters 2017)

Sony Corp said on Friday Michael Lynton would step down as chief executive of its movie and music businesses, Sony Entertainment, effective Feb. 2.

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Lynton will join as chairman of Snap Inc, the parent of popular messaging app Snapchat. (http://bit.ly/2jG9IWI)

Snap - in which Lynton is an early investor - is expected to go public early this year, vying for a $25 billion valuation.

Lynton, who has been with Sony for 13 years, will stay on as co-CEO of Sony Entertainment for the next six months.

(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Maju Samuel)