Fuji Television Network Inc. is considering dispatching a member to Livedoor Co.’s board, sources said Tuesday.
Fuji TV, which will buy a 12.75 percent stake in Livedoor, aims to have the individual selected as a board member at a Livedoor shareholders’ meeting in December, they said.
The two companies agreed Monday that Fuji TV would become Livedoor’s second-largest shareholder by acquiring the stake in the Internet services firm.
By sending a board member, Fuji TV aims to strengthen its influence over Livedoor and prevent the firm from again trying to take over Fuji TV, the sources said.
Fuji TV also plans to check Livedoor’s use of the 147 billion yen the TV broadcaster will pay, fearing Livedoor could use the money to conduct similar hostile takeovers as it did on Nippon Broadcasting System Inc., they said.
Livedoor has five members on board, all of them in their 20s and 30s. Fuji TV also plans to pick a young candidate for the board, the sources said.
Fuji TV and Livedoor, which have dominated Japanese corporate news for the past two months, announced a capital and business tieup that also involves Fuji TV buying the Livedoor group’s entire equity stake in NBS.
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