Latest news with #FujiMedia
28-05-2025
- Business
Fuji Media Denies Dalton's Claim of No Discussions
News from Japan May 28, 2025 20:31 (JST) Tokyo, May 28 (Jiji Press)--Fuji Media Holdings Inc. issued a statement Wednesday denying the claim of Dalton Investments, a major shareholder in the Japanese media group, that it has refused to hold discussions on the U.S. investment firm's proposal regarding board members. Fuji Media said it has engaged in sincere dialogue with Dalton a total of 64 times, including by email, phone and in-person meetings. Fuji Media's management and Dalton have each proposed more than 10 candidates to join Fuji Media's board, ahead of the Japanese company's general shareholders meeting on June 25. In response to Fuji Media's rejection of Dalton's candidates, the U.S. firm has said it was regrettable that Fuji Media decided to oppose all of its candidates without holding discussions with it. Fuji Media also rejected Dalton's proposal to spin off its real estate business, saying that it has unique strengths as a media-affiliated real estate developer. [Copyright The Jiji Press, Ltd.] Jiji Press
Japan Times
28-05-2025
- Business
- Japan Times
Dalton connects with activist investor-linked fund to pressure Fuji Media
Dalton Investments is joining forces with other investors to pressure Fuji Media Holdings to spin off its real estate arm, the latest development in a situation that has become a litmus test for shareholder influence in Japan. Dalton's co-founder James Rosenwald said he has spoken with Aya Nomura, the Japanese broadcaster's single largest outside shareholder and the eldest daughter of prominent activist investor Yoshiaki Murakami. Spinning off the property unit may double the entertainment group's value, according to Rosenwald. Dalton is trying to pressure Fuji Media after the broadcaster earlier this month spurned the fund's proposal for 12 new directors, which included SBI Holdings' Yoshitaka Kitao, an outspoken critic of corporate governance practices in Japan. Dalton is also demanding the media group unwind cross shareholdings. Fuji Media has said it plans to continue to invest in real estate, a sector it says will generate further growth. The U.S. fund plans to call everyone on the list it has of Fuji Media shareholders, including Toho and Dentsu Group, to seek support for its proposed changes ahead of a June 25 shareholder meeting, Rosenwald said in an interview. If even one of its 12 candidates becomes a director, that would be a win, he said. "The board would have to think seriously about it, with even one person,' he said, referring to the spin-off. "If your duty is to shareholders and your larger shareholders are asking for a spin-off, you will be put under tremendous pressure to do that.' Dalton's standoff with Fuji Media — an entertainment giant that spans TV and satellite broadcasters as well as games and music production — is closely watched as a gauge for Japan's appetite for change. Fuji Media and other broadcasters have long resisted shareholder input, helped by regulations that limit foreign ownership. But a sexual assault scandal at the company and the ensuing public backlash have emboldened activists, while regulators are pushing companies to hike capital efficiency. The economy ministry now allows a tax-free spin-off of wholly-owned subsidiaries. "The government understands the Japanese stock market is really cheap,' Rosenwald said. "All aspects of government have been friends to us as shareholders for the first time in 30 years.' While any schedule would be up to the board of directors, a real estate spin-off could be done within a year, he said, pointing to the example set by Sony Group's partial spin-off of its financial services unit as a template to follow. Under pressure from customers, viewers and shareholders, Fuji Media overhauled its management and said it now aims to buy back shares worth more than ¥100 billion ($693 million) by fiscal year 2029, and reduce its cross-shareholdings to less than 15% of its total assets by fiscal 2027. Among the board members the broadcaster is nominating is Takashi Sawada, former president of convenience store chain FamilyMart. Dalton now controls 5.83% of Fuji Media, data shows. Nomura holds an 8.96% stake, making her the largest single outside shareholder.
Bloomberg
28-05-2025
- Business
- Bloomberg
Dalton Allies With Murakami-Linked Fund to Shake Up Fuji Media
Dalton Investments is joining forces with other investors to pressure Fuji Media Holdings Inc. to spin off its real estate arm, the latest development in what's become a litmus test for shareholder influence in Japan. Dalton's co-founder James Rosenwald said he's spoken with Aya Nomura, the Japanese broadcaster's single largest outside shareholder and the eldest daughter of prominent activist investor Yoshiaki Murakami. Spinning off the property unit may double the entertainment group's value, according to Rosenwald.
NHK
23-05-2025
- Business
- NHK
Fund to start proxy fight to place its candidates on Fuji Media's board
A major shareholder of Japan's Fuji Media Holdings says it will launch a proxy fight so that its candidates for the firm's board will gain approval at the upcoming general shareholders' meeting. Fuji Media Holdings is the parent company of Fuji Television Network. They have been under fire for their handling of a sexual misconduct scandal. The shareholder, Dalton Investments, has proposed 12 candidates for the board, including Kitao Yoshitaka, the head of Japanese financial services firm SBI Holdings. Fuji Media, which opposes the proposal, has picked 11 candidates of its own, including Sawada Takashi, former president of the FamilyMart convenience store chain. The two sides are expected to present their plans at Fuji Media's general shareholders' meeting on June 25. Dalton Investments' Chief Investment Officer Jamie Rosenwald told NHK on Friday that the fund will start a proxy fight to rally support from other shareholders. The two sides held direct talks on Wednesday but failed to resolve their differences.
17-05-2025
- Business
Dalton Slams Fuji Media for Opposing Board Nominees
News from Japan Economy May 17, 2025 15:51 (JST) Tokyo, May 17 (Jiji Press)--Dalton Investments, a major shareholder of Fuji Media Holdings Inc., on Saturday criticized the Japanese media group for opposing its nominees to Fuji Media's board. Fuji Media "has opposed all our nominees without any form of dialogue," the U.S. firm said in a statement. "It does not appear that our candidates were even given serious consideration." The statement was released a day after Fuji Media announced its opposition to all of Dalton's 12 nominees, including Yoshitaka Kitao, chairman and president of online financial group SBI Holdings Inc., while adding four new people to its own list of board member candidates. "We had no discussions with the company regarding our proposed candidates," Dalton complained. Regarding the process for selecting possible directors, the firm voiced "serious doubts whether the outgoing directors have acted as honest fiduciaries in the best interest of shareholders." [Copyright The Jiji Press, Ltd.] Jiji Press
