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Japan Forward
06-06-2025
- Business
- Japan Forward
Fuji Media Turns to Shimizu for Post-Scandal Overhaul
このページを 日本語 で読む Fuji Media Holdings (FMH) new president, Kenji Shimizu, is pledging sweeping reforms to restore trust and reinvent the business after an industry scandal earlier this year. The network was rocked in January by a scandal involving former pop idol Masahiro Nakai, which exposed an opaque corporate culture at Fuji TV Fuji's initial closed-door handling of the misconduct allegations drew intense public criticism, forcing an open apology and a third-party probe into the company's governance. The fallout prompted a broad shake-up of Fuji's leadership and internal policies, including the resignation of top executives and the appointment of Shimizu as president to lead an urgent reform effort In a candid interview with The Sankei Shimbun , Shimizu, set to take over as president of FMH on June 25, acknowledged deep-rooted issues at the heart of recent scandals. He outlined a reform agenda aimed at restoring trust and revitalizing Fuji's content business. At the core of the recent problems, said Shimizu, was the "rigidity and homogeneity" in Fuji's personnel system. Over time, this led to an environment where "no one could speak up, even when they sensed something was wrong." He pointed to structural reforms already underway, including a reconstituted board with a majority of independent outside directors and a higher ratio of women. These, he said, would significantly improve governance transparency. When asked about the lingering influence of Hisashi Hieda, the former chairman who served for over 40 years on the board, Shimizu dismissed concerns. "There is absolutely no influence from Mr Hieda on the new leadership team," he affirmed. He added that Fuji has introduced stricter retirement policies and abolished its advisor system to ensure board independence. Kenji Shimizu, President of Fuji TV, during an interview (©Sankei by Yasuhiro Yajima). On the decision to reject a shareholder proposal from the American investment fund Dalton Investments, Shimizu said the company conducted interviews with all director candidates, including those proposed by Dalton, and applied the same selection process. "We saw no reason to increase the board size or change direction. The current team offers both balance and effectiveness." Asked whether profits from Fuji's real estate division have led to complacency in the media arm, Shimizu defended the group's strategy. The real estate and tourism businesses have evolved dramatically, he noted. But the real issue is the "low profitability of media content," which he intends to address head-on. Reflecting on past missteps, Shimizu admitted that Fuji "hasn't done enough to monetize its content." He said the company needs to move away from planning shows just for TV broadcast and start designing projects with broader revenue streams in mind, from streaming and theatrical releases to merchandising and gaming. "If we stop assuming terrestrial TV is the default outlet, our creative horizons will widen." Shimizu emphasized that his ultimate goal as president is for Fuji to grow while contributing to society. "Profit is just a means," he said. "A company that doesn't help solve social problems or improve something has no reason to exist." Drawing on his background in anime production, Shimizu said he never saw animation as something just for children. "Kids are sharp," he explained. "They don't fall for cheap tricks. They evaluate entertainment honestly." Producing Dragon Ball and Chibi Maruko-chan, he said, taught him valuable lessons about pacing, emotional storytelling, and understanding an audience. He recalled how Dragon Ball captivated viewers with its explosive speed — "a new villain appears, and by the next panel, he's already sliced down." With Chibi Maruko-chan, the challenge was entirely different: bringing to life a still world frozen in the psychological landscape of author Momoko Sakura. To preserve that vision, he built a writing team of women from the same generation as Sakura. Shimizu also discussed managing the fallout of the recent scandal. Fuji has done everything possible to avoid passing costs onto its affiliates or production partners, he noted. Even when sponsors pulled out, Fuji continued to fully fund production. "Supporting our partners and stakeholders is a responsibility we won't compromise on," he said. Interview by Katsutoshi Takagi Author: The Sankei Shimbun このページを 日本語 で読む
Singapore Law Watch
15-05-2025
- Business
- Singapore Law Watch
SingPost to pay special dividend of 9 cents from Aussie divestment, sees underlying second-half loss
SingPost to pay special dividend of 9 cents from Aussie divestment, sees underlying second-half loss Source: Straits Times Article Date: 15 May 2025 Author: Sue-Ann Tan SingPost said the global economic outlook remains clouded by ongoing trade tensions, with US tariffs and retaliatory measures by key trading partners. Singapore Post announced a special dividend of nine cents per share after it booked a net exceptional gain of $222.2 million, largely from the recent divestment of its business in Australia. Including an interim dividend of 0.34 cents, which has been paid, SingPost shareholders are set to receive a total of 9.34 cents, the company said on May 15. Its net exceptional gain of $222.2 million for the full year ended March 31 came largely from a $302.1 million gain on its disposal of its Australian logistics business, Freight Management Holdings (FMH). This was partially offset by impairment charges of $79.6 million on another business, Quantium Solutions. 'The proceeds from the sale of the Australia business have been allocated to debt reduction, shareholder returns, strengthening the group's balance sheet and funding future growth of the business,' SingPost said in its filing on the Singapore Exchange. SingPost completed the sale of FMH for A$1.02 billion (S$853 million) in March this year. SingPost board chairman Simon Israel said: 'The transaction has crystallised the unrealised value of the business, bringing forward the unlocking of value and returning capital to shareholders.' Net profit for the full year stood at $245.1 million, up 212.9 per cent from $78.3 million the previous year. But excluding the net exceptional gain, underlying net profit fell 40.3 per cent to $24.8 million. For its second half-year, SingPost posted an underlying net loss of $0.5 million, reversing from a $28.1 million profit in the same period last year. Singpost shares fell 9.45 per cent, or six cents, to 57.5 cents as at 9.20am, after its results announcement. 'This downturn reflects the intensifying challenging and uncertain conditions in the global logistics sector,' the company said. SingPost said the global economic outlook remains clouded by ongoing trade tensions, with US tariffs and retaliatory measures by key trading partners. 'In the logistics sector, the impact has been particularly pronounced. Cross-border logistics volumes have come under pressure. This, along with geopolitical tension, has led to a more uncertain and challenging operating environment,' it said. SingPost added that these challenging conditions intensified in the second half of the financial year and are expected to persist into the coming financial year. But it also noted that after the divestment of the Australia business, the group has taken steps to sharpen its focus on its core business including streamlining its operations to right-size the cost base. The international cross-border business has been reintegrated into the Singapore postal and logistics business to achieve business synergies and drive operational efficiencies, it said. Efforts are also under way to strengthen the Singapore postal and logistics operations for greater efficiency, with a $30 million investment in a new automation system to expand processing capacity for small parcels at the regional e-commerce logistics hub facility. SingPost's full-year revenue also fell, to $813.7 million, a 7.5 per cent year-on-year decrease, primarily driven by headwinds in its international segment, it noted. On the other hand, the Singapore segment registered a modest increase of 2.9 per cent in revenue to $326.7 million. This was underpinned by the property business, which recorded a strong 11.9 per cent increase in revenue. SingPost added that its strategic review and reset is ongoing. It had said earlier that it is undergoing restructuring to optimise its operations and corporate functions. Seven executives were reported to have left the company amid the restructuring in April. These include head of strategy and communications Lee Eng Keat, group chief people officer Sehr Ahmed, group chief information officer Noel Singgih, chief sustainability officer Michelle Lee and chief information security officer Audrey Teoh. The restructuring is 'the result of prolonged macroeconomic challenges facing the business, including intense competition', SingPost had said in a February statement, adding that the exercise is not correlated with previous incidents and whistleblowing reports. SingPost said at the end of 2024 that it had received whistleblowing reports that revealed cases of data falsification at the company's international business unit. Three senior executives – group chief executive Vincent Phang, chief financial officer Vincent Yik and international business unit CEO Yu Li – were sacked for mishandling the reports. All three have hired lawyers and are contesting the decision. Sue-Ann Tan is a business correspondent at The Straits Times covering capital markets and sustainable finance. Source: The Straits Times © SPH Media Limited. Permission required for reproduction. Print
Straits Times
15-05-2025
- Business
- Straits Times
SingPost to pay special dividend of 9 cents from Aussie divestment, sees underlying second-half loss
SingPost said challenging conditions intensified in its second half year and are expected to persist into the coming financial year. PHOTO: BT FILE SingPost to pay special dividend of 9 cents from Aussie divestment, sees underlying second-half loss SINGAPORE - Singapore Post (SingPost) announced a special dividend of 9 cents per share after it booked a net exceptional gain of $222.2 million, largely from the recent divestment of its business in Australia. Including an interim dividend of 0.34 cents which has been paid, SingPost shareholders are set to receive a total of 9.34 cents, the company said on May 15. Its net exceptional gain of $222.2 million for the full year ended March 31 came largely from a $302.1 million gain on its disposal of its Australian logistics business, Freight Management Holdings (FMH). This was partially offset by impairment charges of $79.6 million on another business, Quantium Solutions. 'The proceeds from the sale of the Australia business have been allocated to debt reduction, shareholder returns, strengthening the group's balance sheet and funding future growth of the business,' SingPost said in its filing on the Singapore Exchange. SingPost completed the sale of FMH for A$1.02 billion (S$853 million) in March this year. SingPost board chairman Simon Israel said: 'The transaction has crystallised the unrealised value of the business, bringing forward the unlocking of value and returning capital to shareholders.' Net profit for the full year stood at $245.1 million, up 212.9 per cent from $78.3 million the previous year. But excluding the net exceptional gain, underlying net profit fell 40.3 per cent to $24.8 million. For its second half year, SingPost posted an underlying net loss of $0.5 million, reversing from a $28.1 million profit in the same period last year. 'This downturn reflects the intensifying challenging and uncertain conditions in the global logistics sector,' the company said. SingPost said the global economic outlook remains clouded by ongoing trade tensions, with US tariffs and retaliatory measures by key trading partners. 'In the logistics sector, the impact has been particularly pronounced. Cross-border logistics volumes have come under pressure. This, along with geo-political tension, has led to a more uncertain and challenging operating environment,' it said. SingPost added that these challenging conditions intensified in the second half of the financial year and are expected to persist into the coming financial year. But it also noted that after the divestment of the Australia business, the group has taken steps to sharpen its focus on its core business including streamlining its operations to right-size the cost base. The international cross-border business has been reintegrated into the Singapore postal and logistics business to achieve business synergies and drive operational efficiencies, it said. Efforts are also underway to strengthen the Singapore postal and logistics operations for greater efficiency, with a $30 million investment in a new automation system to expand processing capacity for small parcels at the regional e-commerce logistics hub facility. SingPost's full-year revenue also fell, to $813.7 million, a 7.5 per cent year-on-year decrease, primarily driven by headwinds in its international segment, it noted. On the other hand, the Singapore segment registered a modest increase of 2.9 per cent in revenue to $326.7 million. This was underpinned by the property business which recorded a strong 11.9 per cent increase in revenue. SingPost added that its strategic review and reset is ongoing. It had said earlier that it is undergoing restructuring to optimise its operations and corporate functions. Seven executives were reported to have left the company amid the restructuring in April. These include head of strategy and communications Lee Eng Keat, group chief people officer Sehr Ahmed, group chief information officer Noel Singgih, chief sustainability officer Michelle Lee and chief information security officer Audrey Teoh. The restructuring is 'the result of prolonged marco-economic challenges facing the business, including intense competition', SingPost had said in a February statement, adding that the exercise is not correlated with previous incidents and whistleblowing reports. SingPost said at the end of 2024 that it received whistleblowing reports that revealed cases of data falsification at the company's international business unit. Three senior executives – group chief executive Vincent Phang, chief financial officer Vincent Yik and international business unit CEO Yu Li – were sacked for mishandling the reports. All three have hired lawyers and are contesting the decision. SingPost completed the sale of FMH for A$1.02 billion in March this year. Sue-Ann Tan is a business correspondent at The Straits Times covering capital markets and sustainable finance. Join ST's Telegram channel and get the latest breaking news delivered to you.
Yahoo
26-02-2025
- Business
- Yahoo
SingPost to seek shareholders' approval to divest Australia business at March 13 EGM
The transaction is expected to generate a gain on disposal of approximately $289.5 million. Singapore Post (SingPost) has announced that it will hold an Extraordinary General Meeting (EGM) on March 13 to seek shareholders' approval for the proposed divestment of its Australia business, Freight Management Holdings (FMH), to Pacific Equity Partners (PEP). The transaction represents an enterprise value of A$1.02 billion ($867.0 million). FMH, a leading technology-enabled logistics provider, has grown significantly since SingPost's initial investment in 2014, says SingPost in a Feb 26 bourse filing. Formed through strategic acquisitions and mergers, including CouriersPlease and Border Express, FMH has become among the top five logistics players in Australia by revenue, adds the company. 'This EGM provides our shareholders with the opportunity to vote on this important transaction, which we believe will unlock substantial value,' says Simon Israel, chairman of the board, SingPost. 'The proposed divestment delivers a strong return on our investment in Australia. It crystallises the unrealised value of the business and brings forward unlocking value for shareholders. We encourage all shareholders to review the details of the transaction and participate in the EGM.' FMH is held through SingPost Australia Investments (SPAI). From the divestment, the SingPost Group expects to receive gross proceeds of approximately A$775.9 million in cash, which is approximately $274.8 million in excess of the net asset value (NAV) of SPAI as at Sept 30, 2024 The transaction is expected to generate a gain on disposal of approximately $289.5 million. The levered return on equity is approximately four times the SingPost Group's A$93.6 million equity investment in FMH over the last four years. The SingPost Group intends to use some of the proceeds to repay borrowings, in particular, its Australian dollar-denominated debt amounting to A$362.1 million as at Sept 30, 2024, undertaken for the financing of the acquisition of FMH. The board is also considering the payment of a one-tier tax-exempt special dividend, subject to the completion of the proposed disposal. Further announcements on the special dividend will be made 'at an appropriate time' when the FY2024 ended March 31 financial statements of the group are released in May. Following completion of the proposed disposal, the SingPost Group will consist mainly of two business units, being Singapore and International. The remaining business of the SingPost Group will continue to be a postal and eCommerce logistics provider in Asia Pacific. 'Given the materiality of the sale of the Australian business, the board has stated that the SingPost Group will need to reset its strategy after the completion of the proposed disposal. The board will consider the progressive divestment of the Group's non-core assets to pay down debt and create a pool of funds to re-invest subject to its strategy reset and/or return to shareholders, while at all times ensuring the Group is appropriately funded,' reads the announcement. In the interim, the Group will consider investing in completing the transformation of the Singapore Postal and Logistics business into a'sustainable business' by supporting the growth of eCommerce logistics. The board is 'confident' that the proposed disposal is in the best interests of the company and its shareholders as it enables SingPost to unlock significant value upfront, reinforcing the Group's liquidity and supporting meaningful deleveraging of debt. A circular to shareholders with the relevant information relating to the proposed disposal will be shared on Feb 26. In the event that shareholders do not vote in favour of the proposed disposal, the board will review and reconsider its strategy in relation to its Australian business. Background on the divestment In July 2023, the Board initiated a strategic review of the SingPost Group's portfolio of businesses, with a view to enhancing shareholder returns and ensuring that the SingPost Group is appropriately valued. Bank of America (BofA) was appointed financial adviser to the Board. During the strategic review, SingPost received unsolicited interest in the acquisition of FMH, leading to an international competitive bid process conducted by BofA. After evaluating various options, including full and partial divestments, organic and inorganic growth strategies, the board determined that a full divestment was the best option and a first step towards bringing forward and unlocking value for shareholders. Shares in SingPost closed flat at 55 cents on Feb 25. 8% y-o-y; domestic business back in an operating loss SingPost CEO Singapore steps down, GCOO Neo Su Yin assumes additional responsibility Read more stories about where the money flows, and analysis of the biggest market stories from Singapore and around the World Get in-depth insights from our expert contributors, and dive into financial and economic trends Follow the market issue situation with our daily updates Or want more Lifestyle and Passion stories? Click here
Yahoo
27-01-2025
- Entertainment
- Yahoo
Top Fuji TV Execs Resign Amid Sex Scandal Allegations, Independent Probe
Fuji TV chairman Shuji Kano and president and CEO Koichi Minato have resigned in the wake of a widening sexual assault scandal around a 2023 dinner that the Japanese network is alleged to have organized at which a former member of the now-disbanded pop idol group SMAP is claimed to have assaulted a woman. Kano and Minato announced they were stepping down during a press conference at the Fuji TV headquarters in Tokyo on Monday, the Associated Press reported. More from The Hollywood Reporter Japanese Stars Join Cast of Anky Cyriaque's 'Seasons' (Exclusive) Jews Depicted on TV Play Down Their Identity: Study 'Marie Antoinette,' 'Of Money and Blood' Among Unifrance TV Export Award Nominees Fuji Media Holdings, parent of Fuji TV, has launched an independent probe into the 2023 dinner at which the celebrity TV host and former pop star Nakai Masahiro is alleged to have assaulted a woman and subsequently paid out a settlement. The allegations emerged in December 2024 magazine stories in Japan and led Monday to Fuji TV chairman Shuji Kano and president Koichi Minato stepping down amid an internal probe at FMH launched and involving third-party investigators. 'We are very sorry that we mishandled the case because of our lack of awareness about human rights and corporate governance … and as a result our responses to the involved woman were inadequate. We are very sorry to have destroyed our credibility,' Minato told the Tokyo press conference on Monday. In a statement, FMH said it 'sincerely apologizes to our stakeholders for any inconveniences and concerns arising from recent reports involving our subsidiary, Fuji Television Network.' The parent company has faced an exodus of audience and advertisers in the wake of the widening sexual assault scandal involving Fuji TV, one the other country's biggest television networks. FMH added the internal investigation would probe any possible involvement of Fuji TV and FMH in the 'incident' surrounding the 2023 dinner, the possibility of 'other similar incidents,' and whether a cover up at Fuji TV where Masahiro worked followed the alleged sexual assault, as has been claimed. Associated Press contributed to this report. Best of The Hollywood Reporter 'Yellowstone' and the Sprawling Dutton Family Tree, Explained A 'Star Wars' Timeline: All the Movies and TV Shows in the Franchise What the 'House of the Dragon' Cast Starred in Before the 'Game of Thrones' Spinoff
