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.
NEXT GENERATION: The four plants in the Central Taiwan Science Park, designated Fab 25, would consist of four 1.4-nanometer wafer manufacturing plants, TSMC said Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) plans to begin construction of four new plants later this year, with the aim to officially launch production of 2-nanometer semiconductor wafers by late 2028, Central Taiwan Science Park Bureau director-general Hsu Maw-shin (許茂新) said. Hsu made the announcement at an event on Friday evening celebrating the Central Taiwan Science Park’s 22nd anniversary. The second phase of the park’s expansion would commence with the initial construction of water detention ponds and other structures aimed at soil and water conservation, Hsu said. TSMC has officially leased the land, with the Central Taiwan Science Park having handed over the
The Philippines is working behind the scenes to enhance its defensive cooperation with Taiwan, the Washington Post said in a report published on Monday. “It would be hiding from the obvious to say that Taiwan’s security will not affect us,” Philippine Secretary of National Defense Gilbert Teodoro Jr told the paper in an interview on Thursday last week. Although there has been no formal change to the Philippines’ diplomatic stance on recognizing Taiwan, Manila is increasingly concerned about Chinese encroachment in the South China Sea, the report said. The number of Chinese vessels in the seas around the Philippines, as well as Chinese
AUKUS: The Australian Ambassador to the US said his country is working with the Pentagon and he is confident that submarine issues will be resolved Australian Ambassador to the US Kevin Rudd on Friday said that if Taiwan were to fall to China’s occupation, it would unleash China’s military capacities and capabilities more broadly. He also said his country is working with the Pentagon on the US Department of Defense’s review of the AUKUS submarine project and is confident that all issues raised will be resolved. Rudd, who served as Australian prime minister from 2007 to 2010 and for three months in 2013, made the remarks at the Aspen Security Forum in Colorado and stressed the longstanding US-Australia alliance and his close relationship with the US Undersecretary
‘WORLD WAR III’: Republican Representative Marjorie Taylor Greene said the aid would inflame tensions, but her amendment was rejected 421 votes against six The US House of Representatives on Friday passed the Department of Defense Appropriations Act for fiscal 2026, which includes US$500 million for Taiwan. The bill, which totals US$831.5 billion in discretionary spending, passed in a 221-209 vote. According to the bill, the funds for Taiwan would be administered by the US Defense Security Cooperation Agency and would remain available through Sept. 30, 2027, for the Taiwan Security Cooperation Initiative. The legislation authorizes the US Secretary of Defense, with the agreement of the US Secretary of State, to use the funds to assist Taiwan in procuring defense articles and services, and military training. Republican Representative