Rakuten Inc. and Tokyo Broadcasting System Inc. announced Wednesday they have agreed to extend their tieup talks for three months until the end of June.
The agreement to extend past the Friday deadline came after Rakuten concluded a contract earlier in the day with Mizuho Trust & Banking Co. to put the majority of its TBS shareholdings in trust.
Internet mall Rakuten threatened to integrate with TBS last year on the strength of its stake of more than 19 percent in the broadcaster.
In November, the two companies exchanged a memorandum of understanding to launch tieup talks on condition that Rakuten placed half of the stake in Mizuho Trust. Mizuho Corporate Bank mediated the MOU exchange.
The negotiations have since faced a series of hurdles, including legal restrictions on a financial institution holding shares in a nonfinancial corporation.
The two companies agreed to extend the deadline of their tieup talks after Rakuten promised not to exercise its voting rights at TBS’s general meeting without approval from the Mizuho banks.
Fuji wants loss paid
Fuji Television Network Inc. has forwarded a document to indicted Internet firm Livedoor Co., urging it to compensate the broadcaster for the 34.5 billion yen loss it incurred when it sold its 12.7 percent stake in Livedoor to Usen Corp. President Yasuhide Uno, Fuji TV officials said Wednesday.
The company said it acquired the stake last May on the assumption that the financial information Livedoor provided at the time of the deal was accurate.