Fuji Media to Swing into Net Loss
Japan News file photo
Fuji Television Network building in Odaiba, Tokyo.
Tokyo (Jiji Press)—Fuji Media Holdings Inc. said Wednesday that it expects to swing into a net loss in the year that ended in March due to the fallout of a scandal over its response to a sexual assault involving former television star Masahiro Nakai.
The parent of Fuji Television Network Inc. expects to post a consolidated net loss of ¥20.1 billion , its first loss since the Japanese TV broadcaster shifted to the holding company structure.
Fuji Media President Osamu Kanemitsu and three outside directors at the parent company will step down at a shareholders' meeting in June. The company previously said they would remain on the board.
The three outside directors are Yoshishige Shimatani, chairman of film studio Toho Co., Kiyoto Saito, president of radio broadcaster Nippon Cultural Broadcasting Inc., and Yuzaburo Mogi, honorary chairman of food company Kikkoman Co.
The reshuffle comes as Fuji Media adopted measures to prevent a repeat of the scandal, including scrapping its advisor system, introducing a retirement age system for executives and setting a term limit for outside directors.
Kanemitsu and Fuji TV President Kenji Shimizu visited the communications ministry and reported the measures.
Fuji Media lowered its earnings forecast for the year ended last March for the second time. This time, it booked impairment losses on its fixed assets after many companies pulled advertisements out of Fuji TV. Previously, the company had projected a net profit of ¥9.8 billion .
Shimizu will be the only remaining executive who has been sitting on the Fuji Media board since before the scandal came to light.
'We compiled the reform plan with a strong determination to wipe out our bad customs and culture,' Shimizu told reporters. 'We promise that Fuji TV will be reborn.'
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