Fuji Television Network Inc. said Thursday its group net profit for 2005 plunged 50.3 percent from the previous year to 11.35 billion yen, due mostly to the loss incurred from selling its stake in Livedoor Co.
Fuji bought a 12.74 percent stake in Livedoor to amicably end its tussle with the Internet company for control of radio broadcaster Nippon Broadcasting System Inc. last year, but Livedoor's shares fell sharply and were delisted earlier this year, prompting Fuji to sell the stake at a loss.
Livedoor stock plunged in January after the company was searched by prosecutors on suspicion of falsifying financial statements. Then President Takafumi Horie and four other key executives were later arrested and are now awaiting trial.