Latest news with #ShimizuKenji
NHK
22-05-2025
- Business
- NHK
Dalton fund says no progress in Fuji TV talks on new board
A major shareholder in Fuji Television Network's parent company says it remains at odds with the broadcaster over installing a new board of directors. The two have agreed to continue talks on the competing board proposals, but a final decision may be left to a full shareholder meeting next month. The two sides held discussions in Tokyo on Wednesday. US fund Dalton Investments was represented by founder and Chief Investment Officer Jamie Rosenwald in the sit down with Fuji Television Network President Shimizu Kenji. Rosenwald told reporters after the meeting that no progress was made in resolving the conflict over who will be on the new board. "I felt really a shame that corporate governance was not strong enough at Fuji Media to understand that these 12 directors we put forward were super talented and would add value to the company," Rosenwald said. Dalton's proposal for the Fuji Media Holdings board includes Kitao Yoshitaka. He is the head of Japanese financial services giant SBI Holdings. Fuji Media's list includes Sawada Takashi, the former president of the FamilyMart convenience store chain. Dalton is demanding change at the broadcaster after a sexual misconduct scandal prompted an exodus of advertisers and led to the company's first-ever annual net loss.
NHK
16-05-2025
- Business
- NHK
Parent of Fuji TV posts first-ever annual net loss
The parent company of one of Japan's top broadcasters has posted its first-ever annual net loss. It comes after a scandal at Fuji Television Network prompted many firms to cancel their ads. Fuji Media Holdings said on Friday that its group-wide net loss for the year that ended in March came to 20.1 billion yen, or about 138 million dollars. This is the first time the firm has ended a year in the red since it became a certified broadcasting holding company in 2008 --- and the first loss since Fuji TV went public on the Tokyo Stock Exchange in 1997. A wave of corporate sponsors pulled their commercials from Fuji TV programs after the scandal involving a major celebrity surfaced in January. The parent firm also booked an extraordinary loss on fixed assets. Meanwhile, Fuji Media decided at its board meeting on Friday to reject a proposal from major shareholder Dalton Investments on restructuring the board. Fuji Media instead approved a plan to recommend 11 directors not included in Dalton's proposal. Fuji Television Network President Shimizu Kenji said: "We don't want to have a proxy fight. Our shareholders will make a final decision on this matter." Fuji Media Holdings' general shareholders meeting is scheduled for June 25th. Shimizu, who is set to take over as president of the parent company, said he wants to continue dialogue with all shareholders.
