Fuji Television Network Inc. said Thursday it has cut its equity-stake acquisition goal in a tender offer for radio station Nippon Broadcasting System Inc. to 25 percent from more than 50 percent.
The major TV network also said it would extend the period during which its offer is valid to March 2 from Feb. 21.
On Jan. 17, Fuji TV unveiled a plan to turn the radio broadcaster into a subsidiary by upping its stake from 12.39 percent as of mid-January on the basis of the takeover bid.
Internet service provider Livedoor Co. made a surprise announcement Tuesday that it has acquired a 35.0 percent stake in Nippon Broadcasting.
Fuji TV's announcement immediately fueled speculation that it might have given up its goal of making the radio broadcaster a subsidiary.
Livedoor President Takafumi Horie has proposed entering an alliance with Fuji TV on the strength of a 35 percent stake in the radio broadcaster. Nippon Broadcasting is the top shareholder in Fuji TV.
On Wednesday, Fuji TV Chairman Hisashi Hieda turned down a Livedoor proposal for business cooperation.
Livedoor has been eager to enter the media field, backed by its rapid business growth. On Wednesday, it said it posted 12.11 billion yen in group sales in the October-December quarter of the current fiscal year, up 283.4 percent from a year earlier, thanks to the rapid growth of the Internet-related services market.