Latest news with #JamesRosenwald
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.
The Star
13-05-2025
- Business
- The Star
Activist Dalton seeks talks with Fuji Media Holdings to avoid proxy fight
TOKYO: Dalton Investments' co-founder James Rosenwald says he wants to avoid a proxy fight with Fuji Media Holdings Inc, calling on the Japanese broadcaster to negotiate a settlement. Dalton is proposing 12 candidates to Fuji Media's board, including SBI Holdings Inc's outspoken chairman Yoshitaka Kitao. The company is also demanding the media group, which is grappling with a sexual assault scandal, spin off its real estate business, unwind cross shareholdings and push through corporate governance reform. In an interview, Rosenwald said he hoped Fuji TV president Kenji Shimizu would engage in talks before the broadcaster's full-year earnings results are released this Friday. Shimizu is slated to be the president of the group, pending approval at the annual shareholders' meeting in June. 'I would love to negotiate a settlement with him,' he said. 'You should be able to negotiate without having to fight in front of all the shareholders and go to a proxy contest.' Fuji Media is under fire over its repeated dismissal of sexual assault accusations against former TV host Masahiro Nakai. The flight of big-name advertisers spurred Fuji Media to slash its annual outlook and overhaul its board. But Dalton and other investors said that's too little change to address company-wide lack of accountability. — Bloomberg Trading ideas: Perak Transit, Eco-Shop, Sapura Energy, Yoong Onn, Muhibaah, HeiTech Padu, Dnex, Pentamaster, CJ Century, 3REN, ES, ManagePay, Wesrports, Sentral REIT
Japan Times
12-05-2025
- Business
- Japan Times
Dalton Investments seeks talks with Fuji Media to avoid proxy fight
Dalton Investments' co-founder James Rosenwald said he wants to avoid a proxy fight with Fuji Media Holdings, and called on the Japanese broadcaster to negotiate a settlement. Dalton is proposing 12 candidates to Fuji Media's board, including SBI Holdings' outspoken Chairman Yoshitaka Kitao. It is also demanding the media group, which is grappling with a sexual assault scandal, spin off its real estate business, unwind cross shareholdings and push through corporate governance reform. In an interview, Rosenwald said he hoped Fuji TV President Kenji Shimizu would engage in talks before the the broadcaster's full-year earnings results Friday. Shimizu is slated to be the president of the group, pending approval at the annual shareholders' meeting in June. "I would love to negotiate a settlement with him,' he said. "You should be able to negotiate without having to fight in front of all the shareholders and go to a proxy contest.' Fuji Media is under fire over its repeated dismissal of sexual assault accusations against former TV host Masahiro Nakai. The flight of big-name advertisers spurred Fuji Media to slash its annual outlook and overhaul its board. But Dalton and other investors say that's too little change to address a company-wide lack of accountability.
