Tokyo Broadcasting System Inc. executives voiced their opposition Friday to Internet mall operator Rakuten Inc.’s offer to increase its equity stake in TBS to above 20 percent, TBS sources said.
The reaction came as an executive in charge of tieup talks with Rakuten briefed others at an extraordinary TBS board meeting on the Rakuten offer conveyed to the broadcaster Thursday.
One executive called for “tough actions” against Rakuten, the sources said.
The Rakuten offer comes as their business cooperation negotiations remain stalled after more than 17 months.
TBS is planning to submit questions to Rakuten about the objectives and other details of the offer, the sources said.
The TBS board will decide on submitting the written questions to Rakuten at its next meeting, on April 27, they said.
TBS will also convene a meeting of a special committee the same day to deal with the Rakuten issue, they said. The committee is expected to launch discussions on whether measures should be taken to discourage Rakuten from buying more TBS shares.
Rakuten presented a new report Friday morning to the Kanto Local Finance Bureau on its TBS shareholding, specifying participation in the selection of TBS board members and submitting important proposals as new objectives of its investment in TBS. Earlier, it had cited policy-oriented investment as the only objective.
Rakuten also specified the present TBS stake held by the Rakuten group as 19.86 percent, slightly higher than the earlier-reported 19.07 percent.
In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.