National News

Fuji TV gets one-third stake in NBS

Fuji Television Network said March 8 it has secured a more than one-third equity stake in Nippon Broadcasting System (NBS), chalking up a victory in its ongoing battle with Livedoor for control of the radio broadcaster.

FUJI TV NETWORK CHAIRMAN Hisashi Hieda (left) holds a news conference in Tokyo on March 8.

Livedoor, a fast-growing Internet service provider, said it would continue buying NBS shares on the market. Its stake in Nippon Broadcasting has now topped 45 percent in terms of voting rights.

Fuji TV said it has secured 36.47 percent of all outstanding shares in Nippon Broadcasting through its tender offer, which ended March 7. In terms of voting rights, Fuji TV's stake now stands at 39.26 percent.

Fuji TV Chairman Hisashi Hieda said he feels "deep gratitude to shareholders."

With a more than one-third stake, Fuji TV can reject any management reshuffle or merger proposals made by Livedoor at NBS general shareholders' meetings.

Fuji TV can also prevent Livedoor from indirectly influencing the TV company's management, which is Livedoor President Takafumi Horie's ultimate goal. (Kyodo)

Shukan ST: March 18, 2005

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