Fuji Television Network Inc, Japan's biggest broadcaster, agreed to pay rival Livedoor Co about ¥147.4 billion (US$1.4 billion) and form an alliance, ending a two-month hostile takeover bid for its radio affiliate.
Increased holdings
Tokyo-based Fuji TV will initially raise its stake in radio network Nippon Broadcasting System Inc to 68.87 percent and will buy remaining shares on Sept. 1. Internet portal Livedoor will keep 17.6 percent of the company for now, reducing its 50 percent holding, Fuji TV and Livedoor said today in statements to the Tokyo Stock Exchange.
Livedoor, owned by 32-year-old Takafumi Horie, began a hostile bid for Nippon Broadcasting in February in a quest to form a company spanning the Internet and broadcast media.
Livedoor's control of Nippon Broadcasting then forced Fuji TV to take steps to prevent itself from becoming a takeover target because of cross-shareholdings with the radio company.
"Horie gained fame and popularity, which led Livedoor to get more hits" on its Web sites, said Yoshio Shima, a partner at Ottoman Capital, a Tokyo-based hedge fund. "For Fuji TV's part, they could have controlled Nippon Broadcasting at a cheaper cost if not for Livedoor."
Fuji to buy shares
As part of the agreement, Fuji TV will also spend ¥44 billion to buy 133.74 million new shares in Livedoor at Friday's closing share price of ¥329, giving it a 12.75 percent stake in the Tokyo-based company.
Fuji TV will pay ¥6,300 for each of the Nippon Broadcasting shares held by Livedoor, close to what Livedoor paid.
Nippon Broadcasting and Fuji TV are part of the Fujisankei Communications Group, the largest media organization in Japan.
Acquisitions
Livedoor, which has a market value of about ¥226 billion, acquired 17 companies last year as it expanded its Internet services.
Livedoor shares rose 6.4 percent to ¥350 in Tokyo.
Nippon Broadcasting shares, currently 36.5 percent owned by Fuji TV, fell 1.2 percent to ¥5,880. Fuji TV's shares fell 3.5 percent to ¥222,000.
The companies released their announcements after equity markets closed in Japan.
RESPONSE: The transit sends a message that China’s alignment with other countries would not deter the West from defending freedom of navigation, an academic said Canadian frigate the Ville de Quebec and Australian guided-missile destroyer the Brisbane transited the Taiwan Strait yesterday morning, the first time the two nations have conducted a joint freedom of navigation operation. The Canadian and Australian militaries did not immediately respond to requests for comment. The Ministry of National Defense declined to confirm the passage, saying only that Taiwan’s armed forces had deployed surveillance and reconnaissance assets, along with warships and combat aircraft, to safeguard security across the Strait. The two vessels were observed transiting northward along the eastern side of the Taiwan Strait’s median line, with Japan being their most likely destination,
GLOBAL ISSUE: If China annexes Taiwan, ‘it will not stop its expansion there, as it only becomes stronger and has more force to expand further,’ the president said China’s military and diplomatic expansion is not a sole issue for Taiwan, but one that risks world peace, President William Lai (賴清德) said yesterday, adding that Taiwan would stand with the alliance of democratic countries to preserve peace through deterrence. Lai made the remark in an exclusive interview with the Chinese-language Liberty Times (sister paper of the Taipei Times). “China is strategically pushing forward to change the international order,” Lai said, adding that China established the Asia Infrastructure Investment Bank, launched the Belt and Road Initiative, and pushed for yuan internationalization, because it wants to replace the democratic rules-based international
ECONOMIC BOOST: Should the more than 23 million people eligible for the NT$10,000 handouts spend them the same way as in 2023, GDP could rise 0.5 percent, an official said Universal cash handouts of NT$10,000 (US$330) are to be disbursed late next month at the earliest — including to permanent residents and foreign residents married to Taiwanese — pending legislative approval, the Ministry of Finance said yesterday. The Executive Yuan yesterday approved the Special Act for Strengthening Economic, Social and National Security Resilience in Response to International Circumstances (因應國際情勢強化經濟社會及民生國安韌性特別條例). The NT$550 billion special budget includes NT$236 billion for the cash handouts, plus an additional NT$20 billion set aside as reserve funds, expected to be used to support industries. Handouts might begin one month after the bill is promulgated and would be completed within
The National Development Council (NDC) yesterday unveiled details of new regulations that ease restrictions on foreigners working or living in Taiwan, as part of a bid to attract skilled workers from abroad. The regulations, which could go into effect in the first quarter of next year, stem from amendments to the Act for the Recruitment and Employment of Foreign Professionals (外國專業人才延攬及僱用法) passed by lawmakers on Aug. 29. Students categorized as “overseas compatriots” would be allowed to stay and work in Taiwan in the two years after their graduation without obtaining additional permits, doing away with the evaluation process that is currently required,
RSS